The management of a kitchen furniture manufacturer has cooked up a buy-out of the business after securing the funding to take the company private.
The management of a kitchen furniture manufacturer has cooked up a buy-out of the business after securing the tens of millions pounds needed to take the company private.
Omega International, which has been trading on AIM since 2004, is now under the control of its chairman after agreeing to pay £30.5 million for the Doncaster-based company. Bob Murray led the deal with support from chief executive Francis Galvin and executive directors Newton Winfield and Peter Walker.
The offer equals 108p per share and was backed with debt provided by Andrew Aisthorpe of Lloyds TSB’s Sheffield office.
Murray said he is delighted to have secured the necessary funding during tough times. “Whilst the economic environment is undoubtedly challenging, the fundamental strengths of the Omega business remain unchanged. Management remains confident in the company’s long-term strategy for growth and in the prospects for the group going forward.”
Management was advised by Pinsent Masons’ Leeds office, which also acted on its IPO, and PricewaterhouseCoopers. Eversheds provided legal services to Omega’s independent directors.
Omega makes and sells its products through a national network of specialist kitchen outlets, the majority of which are independent retailers.