Transaction

Tenax Acquires UK Subsidiary

Tenax UK Limited is one of the UK’s largest manufacturers and distributors of branded gardening and netting products suppling to many countries across Europe, with divisions in Italy, France, Germany and Belgium.

Tenax UK’s warehousing operation spans over 120,000 square feet of space in Wrexham, Wales, and when experienced entrepreneur, Harry Nugent, was looking to acquire the UK subsidiary from the group, he consulted with advisors Meta Corporate Finance, who had developed the transaction with management and introduced Centric Commercial Finance to fund the acquisition and turnaround.

Centric delivered a £3.37m asset based lending facility to enable the acquisition of the business and the required headroom to fund its turnaround and future growth. Core to the facility was the £2m revolving invoice discounting facility, plus a £1.37m property loan based on the extensive commercial warehousing assets.

Harry Nugent is no stranger to Centric Commercial Finance, “I have worked with Centric on two previous transactions and I have to say that I have found the service to be first class. This deal was no exception and once again they provided quick decision-making and a straight talking approach, which gives a greater level of comfort and certainty to the transaction. It would be far harder dealing with the banks to get a complex turnaround deal like this over the line. I found Centric very receptive to the proposal and they turned round the deal within four weeks from offer to payout, a considerably shorter timescale than the three months quoted by one bank.”

Peter Counsell of Meta Corporate Finance said, “The advantage of the Centric approach is that you talk to experienced decision makers. And they deliver what they say they will deliver. This cuts weeks out of a deal process and gives a greater degree of certainty for all parties.”

Client:

Tenax UK Limited

Service:

Sell Side

Region:

Sector:

Transport & logistics

META Project Lead

Peter Counsell

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