Roc Furniture acquired
Who?
Roc Furniture, the Birmingham office and residential furniture manufacturer.
Did what?
Has been acquired from its parent, H Morris Limited, by investment vehicle Roc Capital Management.
What does this mean?
Roc Furniture employs more than 90 people at its 50,000 sq ft headquarters in Birmingham and has revenues of £15m. Roc Capital Management was created to acquire businesses with the support of Centric Commercial Finance, which provided an asset-based lending facility for the deal.
Who advised?
Cogent Support Services, a specialist team of strategists and consultants specialising in buy in and buy out transactions, negotiated the transaction.
Insider comment:
Cogent has been appointed to the board to support the investors. Parent company H Morris has retained a small stake in the business.
Roc Furniture customers include the Ministry of Defence and blue-chip clients from the commercial sector.
Stuart Bates of Centric Commercial Finance said: "It was clear from the outset that this was a credible management team that truly understood their market and which we at Centric wanted to back. The facility was structured to deliver the quantum which the BIMBO team needed to acquire the business. With a long-established history, good reputation and routes to market, Roc Furniture is very well placed to continue its already growing revenue."
