Forward advise management team of HTG on MBO
Forward is delighted to announce the acquisition of Suffolk based, HTG Trading (“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.
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.
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