Founded in the 1970’s, The Fin Machine Company (“Fin”) is a specialist manufacturer of machines for the assembly of fan cooling systems.
These machines are used to manufacture aluminium heat exchangers for the automotive industry, i.e. radiators, heaters, intercoolers, evaporators and condensers for air conditioning units.
A number of Fin’s customers supply to well known car brands including Mercedes, BMW, SAAB and Chrysler.
Fin has approximately 200 employees and around 90% of their trade is in exports from their Durham premises.
Electra Quoted has committed £5.5 million equity capital for a majority stake in the business, and Clydesdale Bank has provided bank finance.
The investment is to support the MBO/MBI team to acquire Fin by newco and pursue the significant growth opportunities within its specialist niche.
With Electra Quoted's backing, Fin is able to take advantage of regulatory changes in the air conditioning market that are driving manufacturers into greater air cooling efficiency. Using their innovative machinery, Fin is presented with significant opportunity to expand into larger markets.
Nick Ross from Electra Quoted will sit on the company’s board with Philip Ling joining as chairman.
The investment reflects Electra Quoted's continued enthusiasm to support best-of-breed companies that are at the forefront of technical development. Fin is recognised as the world leader in its market and aided by its commercial leadership promoting new initiatives into wider markets, Acuity are confident that Fin will further expand the business and maintain market leading position.
Electra Quoted Management is a smaller companies investment specialist providing between £2 million to £6 million of equity finance for management buy-outs and development capital for UK companies in transactions with an enterprise value of up to £20 million.
For further information on this transaction, please contact: Nick Ross, Electra Quoted Management Ltd, Paternoster House, 65 St Paul’s Churchyard, London, EC4M 8AB Tel: 020 7306 3985 nross@electraquoted.com
Issued by Electra Quoted Management Limited. www.electraquoted.com. Electra Quoted Management Ltd is authorised and regulated by the Financial Services Authority.
This note is for information only and is provided for Professional use only on a confidential basis. It is not an offer, invitation or recommendation to apply for shares in the VCT or the Company which is the subject of this note.
