Local advisors seal bright future for Insight
A team led by David Forrest and John Longstaff from multi-award winning firm BHP Corporate Finance acted as lead advisors to incoming chief executive, Paul Russell and operations director, Shaun Booth on the buy-in management buyout (“BIMBO”) deal. Matt Ainsworth from the Sheffield office of the international law firm, DLA Piper provided legal advice to the BIMBO team.
Insight designs, manufactures, supplies and installs aluminium glazed windows, doors and curtain walling to an established, ‘blue-chip’ customer base across both private and public sectors from its Derbyshire base. Clients and end users include major supermarket chains such as Tesco.
Completion of the deal represented a highly satisfying conclusion to an extended process. David Forrest commented: “We have been working with Paul Russell on a number of projects over the past two years, the primary objective of which has been to identify and acquire the right business. This acquisition now provides a platform for Paul to build a group of niche businesses in the building products sector. We are delighted to have been able to make this deal happen, despite the challenging funding environment for deals in this sector”.
In addition to substantial equity investment provided primarily by the BIMBO team, debt funding for the deal was provided by NatWest Structured Debt Solutions.
Paul Russell had the last word on a deal which hopefully sets the foundation for exciting growth over the next few years: “This deal has been a long time in the making, but is a triumph for patience, perseverance and maintaining a clear focus. These are difficult times to do deals, but we have put together a structure which is appropriate to the times we are in and I have to thank my advisors for their tremendous support and for making it happen. The previous owners of Insight have built a successful business with an excellent reputation and I am delighted to have the opportunity to move it to the next level.”