TMG Corporate Finance led the take private of AIM-listed door manufacturer Vista Group plc in a £4m deal funded by The Co-operative Bank.
Vista, established in 1995 and then floated on AIM in 2003, employs 86 staff at its factory in North Cheshire.
The acquisition of Vista by the newly formed bid vehicle Purple Spot Limited is the third acquisition funded by The Co-operative Bank. Simon Orange and his management team at CorpAcq recently acquired Leigh based Regency Glass and Filtermech Plant Sales in Yorkshire.
Vista’s chief executive Keith Sadler will remain at the head of company, which posted pre-tax profits of £517k on sales of £4.08m for the six months to June 30th 2007.
Simon Orange said: “We have a strategy to expand our portfolio of building product manufacturers and Vista is a perfect addition. We will be looking to build on the success Vista has achieved over the last 13 years and develop the company further into new markets.
“We needed a flexible approach to our borrowing requirements, as acquiring a public limited company can be an extremely complex process. The Bank provided us with that flexibility, which eased our situation considerably.”
Paul Edmonds, Regional Business Development Manager at The Co-operative Bank said: “We have built up a strong relationship with Simon Orange and his team and we recognise CorpAcq as a strong and experienced buyer. This has enabled us to complete deals swiftly and efficiently.”
Lee Teste and Nick Cattell at Manchester based, TMG Corporate Finance advised Simon Orange and his team on the take private of Vista.
Nick Cattell, Associate Director at TMG said: “The takeover demonstrates TMG’s capability to take AIM-listed companies private. Vista gives CorpAcq a strong portfolio of building product companies and puts Simon and his team in a strong position for future growth.”
Source - Co-operative Bank plc