Case Study: HS Pipequipment
- Deal size:
- Development capital
- Mechanical and Engineering
- Deal completed:
- January 2007
Meridian Corporate Finance LLP ("Meridian") advised the shareholders of HS Pipequipment Ltd ("HSP") on their £9 million re-financing of the business.
Based in Newbury, Aberdeen and Teesside and subject to A management buy-out in July 2004, HSP is a leading supplier of valves to the oil, gas, petro-chemical and power industries.
Operating for over 25 years, HSP represents a range of the Worlds leading valve manufacturers providing valves to major oil and gas refinery projects with values ranging from £100 to over £10m.
The bank re-financing, which was provided by the original Funders of the MBO, Barclays Bank plc provides HSP with an acquisition war-chest which will enable the shareholders to embark on a planned growth strategy.
Peter Everett, Managing Director of HSP said "We've dramatically changed the shape of the business since our original buy-out, quadrupling turnover and working on more prestigious projects. The re-financing will allow us to drive the business on further by both organic and acquisitive growth. We would like to thank Mike, Nick and James for Their continued support since the buy-out."
Commenting on the transaction Michael Barcia of Meridian said "HSP is another example of our continued work with previous clients. More and more we are being engaged for follow up transactions. This is a highly fragmented market, and HSP intend to take advantage of the available synergies to make strategic acquisitions within the sector."
Other advisors on the transaction were Steve Lovell from Barclays Bank plc, and Nick Gent and James Hawkeswood from Blake Laptorn Tarlo Lyons solicitors.