Sheffield based Mayflower Technology Ltd has undergone a buy-in management buy-out (BIMBO) with Bank of Scotland Corporate providing an integrated debt and equity package.
Established in 1995, Mayflower specialises in component laser cutting, pressing, machining, welding and fabricating. From its Mayflower Works on Darnall Road in Sheffield, the 130 employee company has a turnover of in excess of £16 million.
Mayflower supplies global equipment manufacturers across a number of markets including construction, quarrying, recycling, rail and capital goods sectors.
The BIMBO, which takes Mayflower out of family ownership, was led by incoming managing director, Henry Shirman. Shirman, together with the existing management team comprising Darren Bradley, Alex Geddes, Howard Kellett, Colin Riddell, and Karl Stewart, will form the company’s executive board.
As part of the transaction, Bank of Scotland Corporate has taken a significant minority equity stake in the business. Henry Shirman, Managing Director, commented “Mayflower has developed an excellent reputatiton as a high quality, reliable supplier. The combination of a committed management team, an excellent workforce, state of the art facilities and a strong, supportive financial partner provides a powerful platform for continued growth.”
Clearwater Corporate Finance advised the vendors on the sale and introduced Henry Shirman to the management team. Clearwater partner, Rob Britton said; “We are delighted to have been able to help the shareholders facilitate a sale of the business to the management team. Mayflower is extremely well placed to achieve future growth and the financial support of Bank of Scotland will allow the business to continue to deliver quality products and service to all of its customers, existing and new.”
Colin James, Manchester-based Bank of Scotland Corporate director of Integrated Finance, said: “Mayflower is one of the largest laser cutting companies in the UK with excellent growth potential, making this a very attractive transaction for Bank of Scotland Corporate. Our Integrated Finance structure is non-exit focused as we are committed to developing a long- term partnership with management. This transaction is a great result for all parties involved.”