Hugh James has advised Development Bank of Wales on a funding agreement to assist with a multimillion-pound management buyout of a double glazing business.
Through a mix of loan and equity, the Development Bank has enabled the management team of Nolan uPVC to acquire the business from its current managing director, Nolan Nicholas.
With 56 employees, Nolan operates from a 52,000 sq ft facility in Johnstown, Carmarthen that includes a walk-in design studio. A further operational depot and design studio is located on North Road, Cardiff.
Natalie Lane, solicitor in the Hugh James Corporate/Commercial team, said:
“It was a pleasure to support Nolan uPVC and our client, Development Bank of Wales, on this management buyout of the business. This acquisition puts the company on a firm footing to further grow and develop. I wish the team every success as they continue to build on the great work the company has been doing since it was first established over 30 years ago.”