Leicester-based SEAC Limited, a leading manufacturer of specialised fastening solutions for the UK and export markets has undergone a Management buy-out with the backing of Enterprise Finance Europe (EFE) – one of the UK’s leading asset based lenders. The Bank of Ireland has provided commercial mortgaging facilities to the transaction with Cooper Parry Corporate Finance acting as lead adviser.
Based on Chesterfield Road in Leicester, SEAC’s product range includes plastic topped screws, nails and rivets. The company, which employs 50, has a reputation for quality, reliability and excellence and its products are used in the construction, automotive, manufacturing, marine and engineering industries together with being utilised in shop fitting and retail displays.
SEAC also manufactures the fully flexible clamping system that can be cut to individual lengths and has applications in the building, plumbing, signage and marine sectors.
SEAC began to manufacture Polytops® polymer headed fasteners over 20 years ago and this has been a growth area for the company. Today SEAC is a market leader in specialist construction fasteners working with major manufacturers of PVC-u cellular board within the industry.
Their products have been adopted for many manufacturing applications which has enabled SEAC to diversify into new areas. Recently SEAC moved into the supply of direct insert concrete or masonry screws – these reduce the need for plugs in concrete or masonry.
With a major share in the UK for both the clips and plastic headed screws and nails, SEAC sells its products through specialist builders merchants and is recognised for its service delivery and the innovation of its products. Leading the MBO team are David Buckley - managing director, Richard Beer – finance director and Kevin Hick – operations director who have bought the business from Halma who originally purchased the business in the 1970’s. Halma is a listed, safety and electrical engineering group.
SEAC’s David Buckley commented; “We are pleased, with the help of our funder and advisers, to have secured a future for the business and its employees. We look forward, with confidence in our ability, to develop and grow profitably.”
Peadar O’Reilly, director with Enterprise Finance Europe in Birmingham added; “We had just over four weeks to bring the deal to a successful conclusion. We are delighted to be backing a strong management team with a great business and range of products.”
The management team were advised by Cooper Parry Corporate Finance, who said; “for a number of years SEAC has been an increasingly non-core subsidiary of its parent. Given the vast experience of the management team a traditional MBO always represented the ideal solution. There continues to be significant funding available to support such transactions and I would urge more management teams to consider this as a suitable exit route for business owners.”
Leicester-based Freeth Cartwright (David West) advised EFE/Bank of Ireland. Harvey Ingram (Roy Botterill) provided legal advice to the management team.