Forward advise management team of HTG on MBO

Forward Corporate Finance is delighted to announce the acquisition of Suffolk based, HTG Trading Limited (“HTG”), by its CEO Simon Aspin and MD Pete Gray. Forward acted as lead advisor to the management team, who acquired the business from its Canadian based owners.

HTG has more than 40 years’ experience as a foodservice equipment distributor in the UK’s catering equipment industry. Core brands, Taylor (soft serve machines, frozen drinks machines, gelato making machines) and Scotsman (Ice machines) have been able to build a business that not only supplies the premium equipment brands in each sector but offers an unrivalled after sales support package from HTG’s Customer Service and Support Centre.

In recent years HTG has attracted additional OEM partners from abroad who want to tap into the lucrative UK market. Recent additions to the brand portfolios include; TurboChef, ISA, Frigomat, Friulinox and Pratica Technicook.

Although COVID-19 closed the customer base of HTG for significant periods of time, the management team feel the business is in a strong position to navigate the future headwinds and they are looking forward to the challenge.

Funding for the transaction including additional working capital was provided by leading investment manager Triple Point, with Matt Holloway and Danny Muir leading the transaction for Triple Point’s Direct Lending Team.

Commenting on the transaction, Simon Aspin, CEO said “Rob, Will and Amie at Forward assisted us to agree the headline deal with our previous owners, ran an extremely impressive process to attract the right funding partner in Triple Point, and were beside us all the way through the transaction, from the start in April to completion last week.”

Pete Gray, MD added “Forward can’t distribute ice making machines like we can… but we couldn’t have completed this deal without them.”

Rob Dukelow-Smith, Director Forward Corporate Finance commented, “This was a lovely transaction to work on for all involved. Simon and Pete were effectively already running the business for the owners and had weathered the recent years in business. We are delighted to have helped them become business owners, enabling the vendors to invest in other ventures.”

Danny Muir, Relationship Director, Triple Point Direct Lending added “We are delighted to support the MBO of HTG by providing new debt facilities as well as working capital support. Simon and Pete have managed the business through a difficult period as the impact of COVID-19 affected its customers. Since the initial challenges, HTG have evidenced a strong recovery by strengthening supplier relationships and adding new partners. We are delighted to welcome HTG to Triple Point’s growing portfolio of UK SMEs.”

Legal advice for the management team was provided by Mark Whittaker and Andrew Cooper of Greene & Greene, and tax advice by Chris George, Scrutton Bland.