Buy-out sees independence for O&H Facilities
Founded in 1988, the Goole based business specialises in the conversion of light commercial vehicles into Patient Transport Service ambulances and accessible minibuses. In recent years, the company has expanded its product range and is now also one of the major suppliers of single wheelchair vehicles to the motability market.
The buy-out sees an exit for the Harrison family shareholders and has enabled the management of O&H Facilities to take an equity stake in the business.
Commenting on the transaction, Managing Director Steve Dexter said “I am delighted to announce this next phase in the development of O&H Facilities. The de-merger allows us to focus on our strategy of being the leading vehicle converter to the healthcare and disability markets. It is therefore great news for our customers, suppliers and employees.” Michael Oughtred, whose family remains a substantial shareholder in the business, commented further “Steve and his team have done a fantastic job in building the business over the past 15 years and we look forward to continuing our ownership in the company and to further develop its market penetration and profitability.”
Ingram Forrest Corporate Finance acted as lead advisor to O&H Facilities. The Ingram Forrest team was led by partner Don Gray, who commented: “This buy-out clearly demonstrates that, notwithstanding the difficult economic conditions, funding continues to be available for properly structured transactions involving high quality businesses. O&H Facilities very much comes into this category and I have every confidence that under the leadership of Steve and his excellent management team the business will go from strength to strength.”
Funding for the transaction was provided by The Royal Bank of Scotland (“RBS”). Andy Barraclough, Director, Corporate Banking at RBS in Leeds, who led the bank’s deal team including Richard King and Joe Reid, commented: “RBS is delighted to have supported O&H Facilities in this transaction and we look forward to supporting the business further as the company enters its next stage. The management team’s considerable market knowledge and strategy for the business has continually impressed us and we are confident that O&H Facilities will continue to be successful.”
Legal advice to O&H Facilities was provided by Paul Trudgill, Managing Partner at Keeble Hawson and his team. Paul commented: “Keeble Hawson were delighted to have been involved in this deal. The commitment of the buy-out team and their dedication to service and customer care shone through during the transaction and we are confident that the strategy developed by the buy-out team will facilitate continued success for the business in the future.”