Dains help Trunature acquire Henry Winning & Co
Derbyshire meat netting maker Trunature Holdings has acquired a historic twine and string manufacturer in Glasgow. The group purchased Henry Winning & Co, which was formed more than 130 years ago, for an undisclosed sum. It is believed to be the only remaining UK provider of a range of natural and synthetic twines.
Dains provided financial due diligence on Henry Winning and raised acquisition finance for Trunature.
The difference we made
Roy Farmer and Rob Wilson provided financial due diligence for Trunature as well as providing advice on the normal working capital and free cash calculation. We were then able to produce a combined forecast model for Trunature and Henry Winning which was used to raise finance to support the ongoing financial requirements of the consolidated Group.
What our client said
Stuart Revill, who led a buyout of Trunature in 2008, said Henry Winning is the "perfect fit" for the group.
"I have been in discussions with John Hamilton for some years and we have established a good rapport which helped with our negotiations to acquire this iconic business. If people are going to bind meat they use net, string or loops. We had the string and loops so this is the perfect fit into our group of businesses."
John Hamilton, retiring managing director of Winning and the great-grandson of founder Henry, added: "Trunature and Stuart Revill were an obvious choice to acquire Henry Winning & Co. Stuart has extensive knowledge of textiles, and the markets our product sell in. I am delighted that Trunature will continue with our operation here in Parkhead, and the security offered to our loyal staff and customer base."
What we said
Rob Wilson, Manager at Dains said “This was a great example of how the one firm approach at Dains assisted Trunature in the acquisition of a great complementary business, and provided continued support to the business following the transaction.”