Dains Corporate Finance advises on MI Glass Limited MBO

Dains provides due diligence services to Yorkshire Bank in support of the MBO of MI Glass Limited

Deal Summary

The Dains Corporate Finance team has recently performed financial due diligence on behalf of Yorkshire Bank in support of the multi-million-pound management buy-out (“MBO”) of MI Glass Limited ("MIG") from Key Capital Partners (“KCP”). KCP previously acquired its interest in MIG in 2011 and since this time has supported the company as it has invested in expanded production premises and state-of-the-art processing equipment.

Based in Smethwick, MIG has a 75-year heritage providing glass processing solutions to a number of industries including retail interiors, catering equipment and office design throughout the UK and central Europe.

Roy Farmer and Rob Wilson of Dains LLP undertook the financial due diligence on the business which included a review of the current year financial performance and the maintainable EBITDA and commenting on the on-going working capital requirements of the business. Our work was tightly scoped to specifically cater to what Yorkshire Bank required.

What the bank said

Martin Aston, Director SME Cashflow Finance at Yorkshire Bank said “I have worked with Dains on a number of occasions to perform limited scope financial due diligence, where there was a requirement for a short, sharp concise report on those key areas that were critical to us as a funder and the wider acquiring management team. The work was timely, of very high quality and at a sensible price point for a business of its size which meant that it wasn't seen as the necessary evil by the Company. The value to us of the work performed compared to the cost was immeasurable.”

What we said

Roy Farmer, Partner at Dains Corporate Finance said "This was a great opportunity to work with Martin and Yorkshire Bank yet again. We have known MIG for a number of years, and as a result we were able to use our detailed knowledge of their business to deliver a focused due diligence report and give Yorkshire Bank the comfort they required in order to fund the MBO.”