Transaction

HGH Plumbing Supplies Equity Release

Meta Corporate Finance has led and arranged a transaction to re-finance HGH Plumbing Supplies Ltd (HGH) such that one of its shareholders, who had wished to retire, was able to release equity from the business.

The retiring shareholder, Ray Hadridge, leaves his brother, Gwyn Hadridge and Peter Lake as the shareholders.

The business was refinanced by NatWest, the incumbent bankers, after alternative funding packages were arranged with two other major institutions.

HGH, which is a specialist distributor of plastic plumbing products, will continue to service its customers across the whole of the south-east offering higher levels of service than the multiples who are extremely locally focused.

Peter Counsell said, “It was pleasing to be able to engineer a transaction which met the differing objectives of the shareholders whilst at the same time leaving the company sensibly financed for its further growth.”

Peter Lake said, “It is sometimes difficult for owner-managed businesses to make appropriate arrangements when shareholders wish to retire. Meta helped us through this process, considering all the various opportunities available to the shareholders, once we had chosen our preferred route, ensured that we achieved the best funding package available.”

Client:

HGH Plumbing Supplies

Service:

Sell Side

Region:

Sector:

Transport & logistics

META Project Lead

Peter Counsell

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Derek Kenny

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“We are very grateful to Peter Counsell for his experienced support during the negotiations. He understood the nature of ITUK and its philosophy and skilfully guided us through the maze of issues that are inherent in such a complex transaction. Meta had a very difficult role as they were heavily involved in negotiating in two cultures."

Nikki King

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Roy Allan

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“This was a complex transaction, handled with great skill by Peter Counsell at Meta. We had to find a structure that accommodated the requirements of the exiting, ongoing and incoming shareholders and of the funders. Peter’s experience in building such structures and his knowledge of the funding market was vital to the achievement of those requirements.”

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