£6.5m funding facility structured to support acquisition of Interserve Industrial Services
Bibby Financial Services (“BFS”) has completed a £6.5m construction finance facility with Enigma Industrial Services (“Enigma”) to support its acquisition of Interserve Industrial Services (“IIS”), a £67m turnover business.
The specialist finance package facilitated the purchase of IIS - a trading division of FTSE 250 business, Interserve PLC - and provides ongoing working capital to Enigma. IIS was formerly part of Interserve’s support services division. Its customers include several large blue-chip national and international property developers.
Glen Webley, group chief executive officer of Enigma Industrial Services Limited said: “This is a new venture for our team. We found Bibby Financial Services to be exceptional in their approach. Their flexibility and willingness to assist us in achieving our desired outcome, gave us the confidence that we require from a lender and the confidence to move forward knowing we are fully supported.”
The deal, which was led by Steve Nixon, corporate manager and Paul Fraser, specialist sales director, was turned around in three weeks.
Paul Fraser said: “Our experience in construction finance is unrivaled and our relationship-based approach, flexibility and speed have enabled us to structure a funding package that will both support the acquisition of IIS, and provide ongoing working capital for Enigma.”
Helen Wheeler, managing director of construction finance said: “This deal is testament to our expertise in funding construction sector businesses and our ability to support large transactions.
“This is a hugely exciting time for Enigma and we are delighted to have been able to support this deal. The business has an experienced management team, a fantastic client-base and we’re looking forward to supporting its future growth.”