Bibby Financial Services (BFS) has provided a £4m invoice discounting facility to investment group Modular Group Investments to support the acquisition of Euramax Solutions Ltd, a UK window and door manufacturer.
Servicing both commercial and residential businesses in the UK and Ireland, Euramax specialises in PVCu windows across several sectors, including modular constructor, DIY and home improvement, and the holiday home and leisure markets.
The business runs all of its operations from a state-of-the-art manufacturing facility in Barnsley, South Yorkshire, where it employs 160 members of staff.
Bibby Financial Services
BFS worked with Modular Group to help support its acquisition of Euramax. The investment group saw Euramax as a strategic acquisition as they continue to expand their portfolio within the Modular Building Space.
Modular Group was introduced to BFS by Neil Sharp of TML Finance and Advisory, who helped to broker and structure a deal that enabled a smooth acquisition of Euramax. The funding facility freed up the necessary working capital for the deal and has ensured Modular Group are well placed to oversee the continued growth of Euramax.
Chris Farnworth, regional head of corporate, Bibby Financial Services, said: “By working closely with Michael and TML Finance, we were able to help Modular Group unlock the necessary cashflow to fund the acquisition in the most efficient manner possible. The future of Euramax is in very safe hands and we’re very happy to be working with Modular Group to help them realise their ambitions in the sector.
“BFS is always looking to work with ambitious, innovative partners who, like us, seek to help UK SMEs grow and thrive.”
Michael Garratt, founder and CEO, Modular Group Investments, said: “BFS has been an excellent partner in supporting the acquisition. Chris and the team took the time to understand the intricacies of the deal and were subsequently able to help raise the necessary funds in to facilitate the acquisition.”