BIMBO beats credit crunch

David Forrest, Partner, BHP Corporate Finance
David Forrest, Partner, BHP Corporate Finance
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Two leading Sheffield dealmakers have joined forces to help management buy a Nottinghamshire-based architectural glazing business.

BHP Corporate Finance overcame the difficulties of finding funding for deals in the construction sector in the current economic climate and, with lawyers from DLA Piper, helped incoming chief executive Paul Russell and operations director Shaun Booth to acquire Pinxton-based Insight Architectural Glazing.

Insight designs, manufactures, supplies and installs aluminium glazed windows, doors and curtain walls for an established, blue-chip private and public sector customer base, which includes major supermarket chains such as Tesco.

David Forrest, who, with John Longstaff, led the multiple award- winning BHP team, said: “We have been working with Paul Russell on a number of projects over the past two years, the primary objective of which has been to identify and acquire the right business.

“This acquisition now provides a platform for Paul to build a group of niche businesses in the building products sector. We are delighted to have been able to make this deal happen, despite the challenging funding environment for deals in this sector.”

The deal was funded by a substantial equity investment, provided primarily by the Buy In Management Buy Out (BIMBO) team, with debt funding being provided by NatWest Structured Debt Solutions.

Paul Russell said: “This deal has been a long time in the making, but is a triumph for patience, perseverance and maintaining a clear focus.

”These are difficult times to do deals, but we have put together a structure which is appropriate to the times we are in and I have to thank my advisors for their tremendous support and for making it happen.

“The previous owners of Insight have built a successful business with an excellent reputation and I am delighted to have the opportunity to move it to the next level.”

n BHP Corporate Finance is the specialist corporate finance division of Barber Harrison & Platt. It has one of the largest corporate finance teams in the region and in 2010 was, for the third year running, named Corporate Finance Advisory Firm of the Year at the Insider South Yorkshire Dealmakers Awards.

In the last 12 months BHP Corporate Finance has acted on a number of buyouts including Amco Drilling Limited and Amco Developments Limited, Livefoods Direct and Lightmain.