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Springboard has acted as lead advisor to GoodFish (Midlands) Limited (“GoodFish”) on its acquisition of Hi-Spec Precision Toolmakers Limited (“Hi-Spec). Hi-Spec, the Cannock based provider of state-of-the-art plastic injection moulding and tool making services, has been acquired by GoodFish for an undisclosed sum.
GoodFish which was formed by Managing Director Greg McDonald and Operations Director Alan Moran in order to establish an independent Point of Sale manufacture and assembly service for marketing and design agencies in the UK, acquired Hi-Spec in order to establish a platform in the UK.
Commenting on the acquisition, Greg said “The acquisition of Hi-Spec will act as the keystone of a new and ambitious approach towards UK manufacturing, centred on providing customers with a truly integrated, lean, and web-enabled supply partner. Hi-Spec with its state of the art, well invested, facility provides a foundation for delivering this service”.
Commenting on the involvement of Springboard, Greg McDonald said “Private equity transactions are complex by their very nature; Springboards expert advice guided us through the fund raising process. They played a key role in ensuring the deal got done, brokering the deal with the Vendor and leveraging their knowledge of the funding market. I would have no hesitation in recommending them”.
The team from Springboard was led by Director David Neate who commented “Hi-Spec has a long and successful history of manufacturing quality products and components in the West Midlands and I am confident that the business will continue to thrive under Greg’s leadership. Although lending to SMEs remains scarce, this transaction demonstrates that specialist knowledge of alternative funders can enable deals to be done.”
Posted: 29/10/2010
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