Management buy-in agreed at Metalrax
Birmingham-based industrial storage manufacturer Metalrax Storage has completed a management buy-in at the company. The management team secured a finance facility from asset based lender Venture Finance to complete the deal.
Venture provided Metalrax’s new owners with a confidential invoice discounting facility along with a plant and machinery loan worth £150,000.
Additionally, the owners raised and invested £100,000 to complete the deal.
Marko Ivanovic, managing director and executive shareholder at Metalrax, said: “Metalrax’s main customer-base is in the commercial and industrial sectors but I see huge potential to move into other sectors, particularly retail. The invoice discounting is vital in providing us with the working capital we need. We couldn’t move forward without the funding we secured.”
Metalrax is an established supplier of products and solutions to industry, government and public bodies such as the emergency services and education authorities.
Its customers include the National Museum of Wales, Next, Boots and Argos.
Manchester-based TMG Corporate Finance advised the acquisition.
