Custom Group ties up MBI
Ilkeston-based Custom Group has undergone a management buy-in (MBI). Through the deal, which was funded by NatWest and Connect Midlands, Mark Johnson and Russell Dallison will become shareholders of the curtain manufacturer.
The buy-in was structured and advised by accountancy and business advisory service PKF.
As a result of the deal, senior management team members Johnson and Dallison join chairman Richard Rybij as shareholders.
Custom manufactures and installs blinds, curtain tracks and curtains for clients in the education sector and NHS.
NatWest provided working capital facilities to assist the deal.
Damian Cliff, senior relationship manager at NatWest, said: "We are pleased to have helped Mark and Russell acquire their stake within the business. It is good for them personally but also provides a fresh impetus to the business and our funding is designed to help the business grow further as the management team implements their strategic plans for the future."
Additional funding for the transaction was provided by Connect Midlands, based at Loughborough University.
Law firm Shoosmiths advised the vendors and Geldards advised the management buy-in team.
