HT Forrest
HT Forrest (HTF), a regional leader in the field of social housing refurbishment and regeneration, took care of its future growth by receiving a replacement and expansion capital package.
HTF provides refurbishment, repair and maintenance services to housing associations and local authorities. The company has seen its turnover rise from £9 million in 2003 to £40 million in 2007. The company operates from a network of branches across the North West including Blackburn, St Helens and Preston. It offers everything from a single service to a complete refurbishment package and runs its own joinery workshop providing bespoke products such as staircases and bars.
Clearwater advised the shareholders on the deal, which enables a number of them who are not currently involved in operations to
realise their investment in the business. The current senior management team now take an equity stake in the rapidly growing company. The creative deal structure was funded by Lloyds Development Capital.
Following the transaction, sales are expected to grow significantly over the next three years and the business is set to increase its workforce as it develops in-house specialist services such as electrical, mechanical and gas engineering, and painting. The group was highly-ranked in the 2008 Sunday Times Buyout Track 100 league table of private equity-backed companies with the fastest-growing profits.
This was Clearwater’s fourth transaction in the sector in two years and follows the private equity deals for Sure Maintenance and Jackson Lloyd, and the trade sale of Sol Construction to Rok Plc.
Clearwater’s ever increasing knowledge base and track record in the sector ensured a smooth process from conception to delivery. Clearwater identified HTF as a star performer and structured a deal value well in excess of the shareholders’ expectations.
Commenting on the deal’s success, Tim Forrest said:
"I heard about Clearwater through them completing another deal in our sector. Two of the big four also presented to us but we found the Clearwater team talked our language and showed more commercial astuteness. Their appointment was one that we never regretted - they held our hand through a process totally alien to anything we had previously done. They were professional and advised us on all aspects of the deal which became very complicated.
"The Clearwater team was non-confrontational and it was obvious they were well-respected by both the Purchaser and their advisors. However they showed that on necessary occasions they could negotiate with tenacity.
"We would have no hesitation in recommending Clearwater to anyone intending to sell or re-align the structure of their company.“
HTF provides refurbishment, repair and maintenance services to housing associations and local authorities. The company has seen its turnover rise from £9 million in 2003 to £40 million in 2007. The company operates from a network of branches across the North West including Blackburn, St Helens and Preston. It offers everything from a single service to a complete refurbishment package and runs its own joinery workshop providing bespoke products such as staircases and bars.
Clearwater advised the shareholders on the deal, which enables a number of them who are not currently involved in operations to
realise their investment in the business. The current senior management team now take an equity stake in the rapidly growing company. The creative deal structure was funded by Lloyds Development Capital.
Following the transaction, sales are expected to grow significantly over the next three years and the business is set to increase its workforce as it develops in-house specialist services such as electrical, mechanical and gas engineering, and painting. The group was highly-ranked in the 2008 Sunday Times Buyout Track 100 league table of private equity-backed companies with the fastest-growing profits.
This was Clearwater’s fourth transaction in the sector in two years and follows the private equity deals for Sure Maintenance and Jackson Lloyd, and the trade sale of Sol Construction to Rok Plc.
Clearwater’s ever increasing knowledge base and track record in the sector ensured a smooth process from conception to delivery. Clearwater identified HTF as a star performer and structured a deal value well in excess of the shareholders’ expectations.
Commenting on the deal’s success, Tim Forrest said:
"I heard about Clearwater through them completing another deal in our sector. Two of the big four also presented to us but we found the Clearwater team talked our language and showed more commercial astuteness. Their appointment was one that we never regretted - they held our hand through a process totally alien to anything we had previously done. They were professional and advised us on all aspects of the deal which became very complicated.
"The Clearwater team was non-confrontational and it was obvious they were well-respected by both the Purchaser and their advisors. However they showed that on necessary occasions they could negotiate with tenacity.
"We would have no hesitation in recommending Clearwater to anyone intending to sell or re-align the structure of their company.“
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