| Date: | February 2021 |
|---|---|
| Project: | Management Buyout |
| Sector: | Construction |
| Role: | Lead advisor to the management team |
Forward is delighted to announce the acquisition of Suffolk based, Glasswell & Last (“G&L”), by its management team Philip Hudson, Neil Kilbourn, Mathew Harris and Johnathan Hall. Forward acted as lead advisor to the management team who acquired the business out of family ownership for the first time since G&L’s incorporation in 1976.
G&L has become a well-established mechanical, electrical instrumentation, control and automation (MEICA) engineering company based in Suffolk. The company has a strong presence in the utilities market and has longstanding relationships with major utility firms as a trusted contractor. Operating from Bury St Edmunds, Suffolk the firm employs approximately 30 people and carries out contracts ranging from £50k to £3 million.
G&L’s strength lies in their ability to provide an end-to-end MEICA solution covering design, fabrication, installation and ongoing maintenance of new and existing facilities, mainly across the East of England.
The transaction completed near the start of a new five-year asset management period for the utility companies, and during a period where new build construction work in the East of England is holding up very well, both of which bode well for the future of G&L.
Triple Point, led by Relationship Director by Reece Digance, provided funding for the transaction through a five-year cashflow term loan facility to support the acquisition and working capital for the business.