Britton Group
Plastic Fantastic! - Completing a £77 million secondary buy-out for Britton Group (Holdings) Ltd required out-of-the-box thinking, careful preparations and perfect timing.
This deal was a classic example of Clearwater building long-term relationships with clients.
In 2001, Clearwater approached plastics company chief executive Mike Clark to explore MBO possibilities. The link was maintained and in 2004, Clearwater advised Clark on potential opportunities at the Britton Group, a leading packaging solutions provider and the UK's second largest plastic film extruder.
Whilst fundamentally sound and with a solid market position, the group had experienced some turbulence. But with planned rationalisation, strategic capital investment and commercial focus from a new, reputable management team, an MBO progressed swiftly following Clark's appointment as CEO. Funding of £18.65 million was provided by LDC’s East Midlands office, with additional finance from Bank of Scotland.
Commenting on the deal's success, Clark said:
“There was the right chemistry between our management team and Clearwater – we talked the same language.”
The Britton Group restructured its business and the group was highly-ranked in the 2007 Sunday Times Buyout Track 100 league table of private equity-backed companies with the fastest growing profits.
After being transformed by a high quality management team, in 2007 Mike Clark, with the support of LDC, again enlisted Clearwater to lead the negotiations to to deliver an exit for LDC and a partial exit for the management team.
Clearwater secured a deal that exceeded LDC's exit expectations, negotiating a significant cash-out element for management, yet structuring the deal allowing for management to retain a majority equity stake in the new company.
We sourced equity funding from HSBC Private Equity and Clearwater’s debt advisory capabilities on private equity transactions was instrumental in negotiating a substantial debt package also from HSBC, which will facilitate further European expansion. The debt funding from HSBC provided a single bank solution from a new entrant into the IF market.
Amongst many other complexities within the deal, we negotiated a way through complex defined benefits pension issues.
Commenting on the latest deal's success, Clark said:
“We wanted a “hands-on” firm of corporate finance advisers offering clear, considered and honest advice. This is exactly what you get with Clearwater. The original MBO and this current transaction have both been complicated, stressful and frustrating in equal measure. I have been impressed and grateful for the level of support and advice offered to the management team by Clearwater.
Whatever problems arose, even when there seemed to be no immediate solution, Clearwater found a way through for us which was one of their key strengths. Any management team thinking of undertaking a transaction should make sure they get proper advice and I can recommend Clearwater wholeheartedly.”
This deal was a classic example of Clearwater building long-term relationships with clients.
In 2001, Clearwater approached plastics company chief executive Mike Clark to explore MBO possibilities. The link was maintained and in 2004, Clearwater advised Clark on potential opportunities at the Britton Group, a leading packaging solutions provider and the UK's second largest plastic film extruder.
Whilst fundamentally sound and with a solid market position, the group had experienced some turbulence. But with planned rationalisation, strategic capital investment and commercial focus from a new, reputable management team, an MBO progressed swiftly following Clark's appointment as CEO. Funding of £18.65 million was provided by LDC’s East Midlands office, with additional finance from Bank of Scotland.
Commenting on the deal's success, Clark said:
“There was the right chemistry between our management team and Clearwater – we talked the same language.”
The Britton Group restructured its business and the group was highly-ranked in the 2007 Sunday Times Buyout Track 100 league table of private equity-backed companies with the fastest growing profits.
After being transformed by a high quality management team, in 2007 Mike Clark, with the support of LDC, again enlisted Clearwater to lead the negotiations to to deliver an exit for LDC and a partial exit for the management team.
Clearwater secured a deal that exceeded LDC's exit expectations, negotiating a significant cash-out element for management, yet structuring the deal allowing for management to retain a majority equity stake in the new company.
We sourced equity funding from HSBC Private Equity and Clearwater’s debt advisory capabilities on private equity transactions was instrumental in negotiating a substantial debt package also from HSBC, which will facilitate further European expansion. The debt funding from HSBC provided a single bank solution from a new entrant into the IF market.
Amongst many other complexities within the deal, we negotiated a way through complex defined benefits pension issues.
Commenting on the latest deal's success, Clark said:
“We wanted a “hands-on” firm of corporate finance advisers offering clear, considered and honest advice. This is exactly what you get with Clearwater. The original MBO and this current transaction have both been complicated, stressful and frustrating in equal measure. I have been impressed and grateful for the level of support and advice offered to the management team by Clearwater.
Whatever problems arose, even when there seemed to be no immediate solution, Clearwater found a way through for us which was one of their key strengths. Any management team thinking of undertaking a transaction should make sure they get proper advice and I can recommend Clearwater wholeheartedly.”
Service selector
© 2010 Clearwater Corporate Finance LLP. All Rights Reserved.
