Buy-In positions company for lift off
Kevan Shaw, Director, is delighted to have led the Castle Square Lead Advisory team in advising on the successful Management Buy-In of Flintshire based Hannaman Engineering. The deal involved Steve Downey and David Brown completing a Buy- In backed by Finance Wales, leading to rebranding the business Hannaman Material Handling.
Acquisition debt finance was provided by Aldermore Bank with Lloyds Bank providing working capital facilities. Steve Downey assumes the role of Managing Director, with David Brown alongside him as Operations Director, following completion of the Buy-In. Hannaman Engineering , based in Deeside, North Wales, is a supplier of new and used Forklift Trucks and also has key relationships with finance providers so has the ability to access asset finance for its customers if required.
Customers are also offered aftercare services via in house service and repair workshops, on site Field Service Engineer support and spare part supplies. The company prides itself on its long established relationships with its blue chip customers, counting Kingspan, Mita (UK), part of the Schneider Group, and Cranswick PLC amongst some of its major customers currently operating Hannaman supplied material handling equipment. The new management team plan further expansion within the material handling sector, by developing the business in areas such as powered access equipment, lifting, handling and, Warehouse Dock levelling systems.
The company also carries an extensive hire fleet of vehicles available for short and long term hire. The legal team of Simon Woodings and Peter Ellis of Stoke based Beswicks Solicitors provided legal advice to the management team.
Kevan Shaw of Castle Square said, “We are delighted to have advised the management team on the acquisition of a business that has successfully grown over the last few years. I am certain now that, with all of the equity in the hands of the new management team, the company will expand rapidly and become a major player in the sector”. Steve Downey added “the sound advice from a good friend putting me in touch with Kevan and his team couldn’t have worked better for me in the successful outcome of acquiring the business. I believe that Hannaman Material Handling will now go from strength to strength and we are excited to have the opportunity to put the company back on the map”.