securing maximum value
the challenge:
To meet the different commercial objectives of the parties to
the £77m secondary buy-out of Britton Holdings Limited, one of the
largest extrusion and plastic packaging manufacturers in the
UK.
our approach:
We worked closely with the lead advisory team at Clearwater
Corporate Finance in an auction process, using an electronic data
room and dealing with initial negotiations with the interested
parties. Once the preferred investor was identified, we
conducted detailed negotiations of the sale documentation between
the current shareholders and the new investors, which included
reinvestment by the management. We resolved a potential issue
regarding the group’s obligation under a historic final salary
pension scheme, dealing with the regulatory issues this created and
taking a lead role on gaining the required clearances to allow the
deal to proceed.
the result:
The deal secured maximum value for Lloyds TSB Development Capital
on their exit from the business; a new partner was brought on board
to fund the on-going expansion of the group and current management
were able to roll over the majority of their investment on
favourable terms.