The ownership of Leicester based Norman and Underwood Group has changed after a Management Buy-Out which resulted in the existing directors Ross Headley and Leon Ingham acquiring the shares in the Group from individual shareholders, only one of whom currently worked in the business.

Norman and Underwood was established in 1825 and today specialises in the provision of architectural and structural glazing, metal roofing and cladding, and building conservation services including leadwork and stained glass restoration. The Group also manufactures sand cast sheet lead to traditional methods from its production facility in Leicester.

The Buy-Out was completed by directors Ross Headley and Leon Ingham, who each joined the company in 2012 with a brief of driving improvements in operational procedures and profitability, and growing revenues. The company is currently experiencing significant growth and has seen order books benefit from the improvements implemented by Ross, Leon and the wider team.

Sheffield based Corporate Finance Specialist, Castle Square Corporate Finance advised the management team on the Buy-Out, negotiating the transaction price and structure and leading the fundraising process, with directors Kevan Shaw and Steve Bell being supported by team member Patrick Lynch.

Legal advice to the management team on the transaction structure and funding process was provided by a team of lawyers from the Sheffield office of international law firm Nabarro LLP, led by Corporate Partner Ben Hendry. Martin Smith led a team of lawyers from Leicester based Spearing Waite in providing legal advice to the shareholders.

Major clients of the Norman and Underwood Group in the architectural and structural glazing business include Kier Group PLC, Wates Construction, the Willmott Dixon Group and Balfour Beatty and in the conservation and restoration business, Westminster Abbey, St Pauls. Cathedral, Hampton court and Chatsworth House are all projects that the Group have worked on.

Steve Bell, Director at Castle Square Corporate Finance said: “Norman and Underwood has been a tremendous success and has worked across the world on prestigious projects over its 175-year history. We are delighted to have worked with Ross and Leon to deliver the transaction which will see this management team invest in what is an exciting period of growth for this long-established company”.

Ross Headley, CEO, Norman and Underwood said: “We have devoted a considerable amount of time and effort to improving the operational capabilities of Norman and Underwood Group Ltd and turning it into a successful business once again. We are delighted in the vote of confidence shown by our funding partners both in the work already completed to date and the future of the business allowing us to complete this acquisition and drive the business forward for the next 191 years”

The fundraising process, run by Castle Square Corporate Finance, resulted in the transaction funding and working capital facilities being provided by HSBC bank.

Ben Hendry, Partner in Nabarro said: “It was a pleasure assisting Ross and Leon throughout the Management Buy-Out process. Their understanding, enthusiasm and commitment towards the Group was ever apparent and will no doubt help them in their quest to drive growth and profitability going forwards, securing the Group’s future and preserving its long-standing history.”



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