14 February 2007

EFE supports acquisition of distributor King UK Limited

King UK Limited, the country's leading distributor of non-food products to the licensed trade and catering sectors, has been acquired by the Manchester-based private vehicle, Casper Limited, in a deal backed by Enterprise Finance Europe (EFE).

L-R Christoph Sander, David Wallwork, Peter Ward, John Blackwell of Casper with Peadar O'Reilly of Enterprise Finance Europe

The business was acquired from Autobar Group in a private sale for an undisclosed amount. It's the second deal by Casper that EFE has supported, the first being its acquisition of Industrial Supplies (Peterborough) last year.

Casper, which already has a turnover approaching £100 million, was established just over seven months ago in Manchester by Christoph Sander, David Wallwork and Peter Ward, all of whom have extensive experience in their target markets.

Chief executive Christoph Sander said: 'King UK has a rich history and tradition. It has been recognised as the market leader in supplying the licensed trade, catering, hotel and leisure sectors for many years. With EFE's support we are planning to build on this heritage and develop the business further within its key markets by focusing on the delivery of outstanding customer service. '

Peadar O'Reilly, director with EFE in Manchester, said: 'Casper's management team have an impressive track record in non-food distribution throughout Europe and are ideally placed to take King UK forward.

'EFE is delighted to be supporting the Casper management team again and has provided substantial facilities to King in support of their strategic plans for the business. We are fully committed to Casper and their subsidiaries and look forward to a long-term partnership with the team.'

The management team was advised by accountants Royce Peeling Green in Manchester (Peter Buckley) and the London office of law firm Kaye Scholer (Jon Rayman). Mace & Jones (Mike Yardley) provided legal advice to EFE.

ENDS
Notes to Editors

Enterprise Finance Europe operates as a pan European receivables finance provider, offering working capital funding to companies with turnover of between £2 million and £100 million. Supporting businesses during periods of growth, consolidation and turnaround, it is particularly focused on assisting businesses with transactions such as acquisitions, Management Buy-Outs/Buy-Ins and refinancing.

While the funding is primarily receivables-based, EFE offers innovative and flexible deal structuring, with access to stock and trade facilities.

Backed by the Bank of Ireland Group and with offices in London, Manchester, Leeds, Birmingham, Bristol, Southampton and Belfast, EFE is looking to exploit the gap in the market for a niche-player with strong expertise, who can bring local director-led service, pragmatic and quick decisions, innovative deal structuring solutions and substantial resources to a funding opportunity.

Press inquiries to: Sam Dabbs, Dabbs PR & Marketing on Tel: 01939 210503 or 07050 108985. Fax: 01939 210526. Email: sam@dabbsprm.com

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