Sterling Scaffolding Services undergoes MBO
Robin Smith buys out the business he has been running for the past 20 years
Sterling Scaffolding Services has undergone a £1m management buy-out (MBO) after over 20 years in business.
The Birkenhead-based company, which supplies scaffolding to customers in the new housing market, has gained funding from the Merseyside Special Investment Fund (MSIF) to finance the deal.
The MSIF has put in £350,000 via a mezzanine finance deal which combined with the director’s own investment and invoice discounting facilities comes up to £1m.
Robin Smith, Sterling’s manager for 20 years is now the company’s managing director and takes over the business from the previous owners A1 Pacific Limited.
He said: “I’m delighted to now own the business I have run for the last 20 years.
“My sons both work in the scaffolding industry and I decided I wanted to make an investment for the family.
“They will be joining the company soon and we are looking forward to the future.”
The company’s clients include Redrow, Rushmon Homes and Countryside Properties and turnover is expected to reach £2m.
Andrew Whittingham-Jones of Guy Williams Layton provided legal advice to the company while financial due diligence was conducted by Langtons.
© Crimson Business Ltd. 2008