| Press Releases
17 November 2005
MIDLANDS TEAM LEAD SEAC TO MANAGEMENT BUY-OUT
L-R, Peadar O'Reilly (EFE) Kevin Hick (operations director
SEAC), Heath Walker (Cooper Parry), Roy botterill (Harvey
Ingram), David Buckley (managing director SEAC) and Richard
Beer (finance director SEAC)
Leicester-based SEAC Limited, a leading manufacturer of specialised
fastening solutions for the UK and export markets has undergone
a Management buy-out with the backing of Enterprise Finance
Europe (EFE) – one of the UK’s leading asset based
lenders. The Bank of Ireland has provided commercial mortgaging
facilities to the transaction with Cooper Parry Corporate
Finance acting as lead adviser.
Based on Chesterfield Road in Leicester, SEAC’s product
range includes plastic topped screws, nails and rivets. The
company, which employs 50, has a reputation for quality, reliability
and excellence and its products are used in the construction,
automotive, manufacturing, marine and engineering industries
together with being utilised in shop fitting and retail displays.
SEAC also manufactures the fully flexible clamping system
that can be cut to individual lengths and has applications
in the building, plumbing, signage and marine sectors.
SEAC began to manufacture Polytops® polymer headed fasteners
over 20 years ago and this has been a growth area for the
company. Today SEAC is a market leader in specialist construction
fasteners working with major manufacturers of PVC-u cellular
board within the industry.
- 2 -
Their products have been adopted for many manufacturing applications
which has enabled SEAC to diversify into new areas. Recently
SEAC moved into the supply of direct insert concrete or masonry
screws – these reduce the need for plugs in concrete
or masonry.
With a major share in the UK for both the clips and plastic
headed screws and nails, SEAC sells its products through specialist
builders merchants and is recognised for its service delivery
and the innovation of its products.
Leading the MBO team are David Buckley - managing director,
Richard Beer – finance director and Kevin Hick –
operations director who have bought the business from Halma
who originally purchased the business in the 1970’s.
Halma is a listed, safety and electrical engineering group.
SEAC’s David Buckley commented; “We are pleased,
with the help of our funder and advisers, to have secured
a future for the business and its employees. We look forward,
with confidence in our ability, to develop and grow profitably.”
Peadar O’Reilly, director with Enterprise Finance Europe
in Birmingham added; “We had just over four weeks to
bring the deal to a successful conclusion. We are delighted
to be backing a strong management team with a great business
and range of products.”
The management team were advised by Leicester-based Cooper
Parry Corporate Finance. Partner, Heath Walker said; “For
a number of years SEAC has been an increasingly non-core subsidiary
of its parent. Given the vast experience of the management
team a traditional MBO always represented the ideal solution.
There continues to be significant funding available to support
such transactions and I would urge more management teams to
consider this as a suitable exit route for business owners.”
- 3 -
Leicester-based Freeth Cartwright (David West) advised EFE/Bank
of Ireland. Harvey Ingram (Roy Botterill) provided legal advice
to the management team.
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