17 April 2019 | Firm news | Article by Gemma Davies
Hugh James has advised fasteners and tools company, Spotnails Ltd, on a management buy-out (MBO) of the business with a multi-million pound debt and equity investment from Development Bank of Wales.
Funding for the MBO was provided by Development Bank of Wales via their Wales Management Succession Fund. The £25 million fund enables management teams to access equity funding to take over existing businesses. The management team also invested their money in the business and Ultimate Finance provided an asset based lending facility.
Gemma Davies, Solicitor in the Corporate Commercial team, acted for the management team, Jason Quaife and Craig Bates.
Managing Director, Jason Quaife, said:
“Throughout the whole MBO process we found Gemma so helpful. She looked after our best interests at all times and went above and beyond to make sure we were happy with everything and the deal got over the line. We are looking forward to working with Gemma and Hugh James in the future as we grow the business at Spotnails.”
Spotnails, based in Bedwas, Caerphilly is a long-standing independent distributor of tools and fastener products to the UK building industry with more than 60 years’ trading history. It has a national salesforce as well as a manufacturing base with servicing and repair facilities at the Caerphilly headquarters.
“It has been a pleasure to work with the Spotnails management team and Development Bank of Wales on this deal. The MBO is the culmination of many years’ hard work by Jason and Craig and to help them realise their long-term ambition of becoming owners of Spotnails was a privilege. We look forward to seeing the company go from strength to strength under the guidance of its new owners.”
Read the full article on Insider Media, here.