Mon, 22 Feb 2021 | BUSINESS SALE
Modular Group Investments has acquired Barnsley-based window and door manufacturer Euramax Solutions in a deal backed by a £4 million invoice financing facility from Bibby Financial Services (BFS).
Modular Group says that Euramax is a strategic acquisition that fits with its strategy of expanding its modular building sector portfolio.
Euramax specialises in PVCu windows, providing developments of all sizes to commercial and residential clients across a range of sectors including modular construction, the holiday home and leisure industry and the DIY and home improvement market.
The company employs 160 staff at its manufacturing facility in Barnsley, South Yorkshire. In its most recent reports, for the year ending December 31 2018, it reported gross profit on £5.4 million on turnover of £24 million, with a post-tax loss of £6.1 million.
Modular Group Investments founder and CEO Michael Garratt said: “At Modular Group we look to invest in high-quality, progressive businesses with a clear roadmap for growth. Euramax ticks all of these boxes and is exactly the type of business we want to work with as we expand our footprint in the Modular Manufacturing space."
The £4 million invoice discounting facility provided to Modular by BFS enabled the group to free up the required working capital to make the acquisition and puts it in a good position to drive further growth at Euramax.
BFS Regional Head of Corporate Chris Farnworth commented: "BFS is always looking to work with ambitious, innovative partners who, like us, seek to help UK SMEs grow and thrive.”
"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."
Michael Garratt 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."
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