Nexus Collections, Europe’s largest supplier of conference bags, has been successfully sold in a Management Buy-In (MBI) funded by SME lender ThinCats, in a deal worth £621,000.
Nexus Collections Limited is a Lancashire-based ethical manufacturer, producing over half a million bags each year to over 600 professional conference organisers across the globe.
Following a referral, the ThinCats team was invited to visit the company and responded by structuring and delivering a £621,000 transaction to enable the incoming directors to purchase 100% of share capital of the target company, facilitating the exit of the founding directors.
Howard Lawton, the new co-owner of Nexus, commented: “From the first meeting with ThinCats, our relationship has gone from strength to strength. They could see the logic in the transaction and responded quickly with an offer.
“With Nexus we saw a business with the scope to scale and this serves as a solid foundation for further exciting acquisitions. We would absolutely use ThinCats again to fund future transactions as we identify new targets. Their willingness to take on the banks is refreshing in the market and appeals strongly to us.”
Richard Lamb, Director Regional Business Development, ThinCats said: "This was a superb opportunity to complete the share purchase of this high quality, cash generative and profitable business with an enviable client base and a strong market reputation. We are excited to continue supporting the management team with their future ambitions.”