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Springboard Corporate Finance advised on the recent management buy in at Barry Wood Plant Hire ("BWPH") by Martin Smithson and Jon Butterworth. The deal which was led by Springboard's David Neate, was successfully funded through an all debt funding package and marks the initial acquisition for the management teams "buy and build" growth strategy.
Established by the vendor, Barry Wood in 1979, the Derbyshire based business has continually expanded, broadening its service range and plant offering, presently holding a diverse portfolio of equipment with over 120 pieces at their disposal. BWPH adds further value to its clients by hiring equipment with the option of a fully trained, highly experienced operative. This value added service has enabled the company to develop an enviable reputation in its market place.
With the continuation of the current management team, the new owners intend to maintain this solid reputation and diversify the service offering by acquisition and organic growth.
Commenting on the transaction, Martin Smithson, Managing Director and joint majority shareholder at Barry Wood Plant Hire Ltd said "we were referred to Springboard by a potential funder who recommended that we needed to prepare a funder friendly business plan with detailed forecasts. As our team did not include a finance specialist, we relied heavily on the hands on advice given to us by Springboard. They provided sound advice throughout and I would not hesitate to recommend them to others".
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