Gas and electric fire manufacturer CFM Europe has been bought by Michael Miller, its managing director. The deal was backed by asset-based lender Enterprise Finance Europe (EFE) and Bank of Ireland.
Gas and electric fire manufacturer CFM Europe (CFM) has been bought by Michael Miller, its managing director. The deal was backed by asset-based lender Enterprise Finance Europe (EFE) and Bank of Ireland.
Miller, who now holds all of CFM’s equity, said he plans to grow the business in the UK and Europe. The decision to sell was made by the outfit’s Canada-based parent company, CFM Corporation.
The financial terms of the transaction have not been disclosed although Peadar O’Reilly, who led EFE’s team, told Growth Business the deal was worth millions of pounds.
EFE and Bank of Ireland provided a finance package that comprised asset-based lending and a commercial mortgage. They were introduced to the deal by Christian Mayo, a partner in the Manchester office of KPMG Corporate Finance.
KPMG was retained to provide corporate finance advice to the funders with Halliwells providing legal services. Miller was supported by law firm Hacking Ashton and accountant Bentley Jennison.
CFM, which has been trading since 1988, has more than 100 employees at its Stoke-on-Trent premises. It generates sales of some £13 million from its three brands: Kinder, Flavel and Vermont.