£900,000 debt funding supports MBI of Electrical Contractor

FDC's latest debt funding investment supports the MBI team to acquire a 94% shareholding of a regional electrical contractor and disability solutions specialist from the retiring vendor and founder.

Debt funding provider Frontier Development Capital Ltd (FDC) has announced its latest investment, providing £900,000 to support the Management Buy In (MBI) of Complete Electrical Solutions (UK) Limited (CES).

CES, based in Stourbridge, West Midlands, was founded in 2000 as a generalist B2B electrical contracting business. In the previous two decades the firm has established a strong reputation for regional electrical contracting via a small but experienced team of 12 staff.

Whilst the firm provides a broad array of electrical services, it specialises in the installation, service and maintenance of lifts, stair lifts, stair climbers and other mains powered disability devices.

The debt investment provided by FDC funds a management buy-in led by incoming Directors Chris Smith and Dan Bytheway, to acquire a 94% shareholding from CES’s founder Tony Smith. Tony will remain in the business on a consultancy basis.

Chris Smith, Managing Director, Complete Electrical Solutions UK Ltd, said:

“Following our acquisition of CES we are looking forward to building upon a strong foundation. We now plan to expand CES in not only the b2b sector in which it already operates in but also with careful rebranding to make a significant indent into the private stair lift market.”

The investment is the latest in a string of funding announcements from FDC, who recently launched the FDC Debt Fund, providing debt funding investments of up to £7.5 million to support both trading businesses and property developers throughout the UK.

Carl Perry, Investment Director, FDC, commented:

“It’s great to announce our latest investment supporting a regional business with a legacy of technical excellence and specialist expertise. We have no doubt that the MBI team will continue to expand the business. This deal exemplifies how critical it is for alternative funding to play a part in supporting the growth of SMEs, even during challenging times.”

FDC’s legal advice for the transaction was provided by Hawkins Hatton Corporate Lawyers, along with financial due diligence from MY-Advisory. Higgs and Sons provided legal advice for the MBI candidates. Commercial advice for the MBI team was provided by ACDS Consultants Ltd.

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