Another MBI completed - Engineering Company in the Thames Valley for £3.1 million
First Flight completes another Management Buy-In (MBI/MBO) project which has been featured in the August edition of Mergers and Acquisitions (M & A) magazine.
FIRST FLIGHT introduced the lead purchaser (MD) to the target Engineering Co in the Thames Valley from its database plus an investing Non-Executive Director to provide sufficient equity.
Thereafter FIRST FLIGHT secured the funding package and negotiated on behalf of the MBI team with the vendors advisors.
• Enterprise value for the transaction: £3.1m
• Cash on completion: £2.4m
• Deferred contingent: £250k
• Deferred non contingent: £150k
• MBI team acquires 80% of the equity with 3 key managers acquiring 20%
• 5 year term loan, Invoice Finance and Asset Financing package provided by HSBC, Swindon
• Legals on behalf of purchasers provided by Morgan Cole, Bristol
• Financial Due Diligence undertaken by Burton Sweet Bristol
• FIRST FLIGHT managed the transactional process on behalf of the MBI team through to completion