Independent Growth Finance (IGF) has played a key role in the acquisition by Private industrial investment company HLD Group of Thurston Group – leaders in modular building solutions for the education, commercial and healthcare sectors. This major acquisition, which will enhance the ongoing operation and growth of Thurston Group, was part facilitated by IGF, through a £16 million asset-based lending (ABL) facility.
Thurston Group is based in Wakefield and employs over 250 people across three sites in the East of England. HLD’s acquisition working alongside the existing management team and in conjunction with the IGF funding will enable a highly successful business to continue on its growth trajectory as the demand for modular buildings continue to increase.
HLD was looking for a finance partner able to support both the acquisition transaction and the long-term ambitions of the business. IGF was chosen as the right fit for HLD, following a highly competitive selection process. Key factors in the decision were IGF’s speed of decision making and real desire and commitment to the acquisition, according to HLD Group.
Demis Ohandjanian, CEO, HLD Group commented: “We’re very pleased to be announcing the acquisition of Thurston Group. This is a very exciting opportunity that will benefit both entities and result in new growth opportunities for the already profitable Thurston Group. We’re also delighted to have the opportunity to work with existing company management, who will remain within the business.”
“IGF played an important role in the acquisition, committing to the funding structure from an early stage and delivering the solution in the timescales required by all parties. The facilities have not only supported the acquisition but will enable us to facilitate our future growth plans for the business.”
Paul Edmeades, ABL Director, Midlands, commented: “Thurston Group is a very strong business with a great reputation and excellent growth prospects. IGF are delighted to have supported this acquisition with a substantial funding package, including a £12 million receivables facility and a £4 million cash flow loan, and we very much look forward to working with the business.”
“IGF and HLD Group are both strong supporters of UK manufacturing and this is the second significant transaction that we have worked on together in recent months. We look forward to working on further opportunities in the coming months.