Midland accountants and business advisory firm Smith Cooper has advised on the buy in management buyout (BIMBO) of a glass merchant.
The deal agreed at Aldridge-based glass merchant and processor, Brownhills Glass for an undisclosed sum, was overseen at Smith Cooper’s Birmingham office.
Established in 1979, Brownhills Glass is one of the largest independent glass merchants in the UK and supplies customers with a range of specialist, bespoke and stock glass products for trade, architectural or furniture manufacturing use. The business employs some 44 staff at its 3.8 acre site on Beecham Close in Aldridge.
The deal forms part of an agreed succession plan and was led by Brownhills Glass’ managing director Tim Price and incoming finance director Mark Harrison who approached Smith Cooper for guidance in acquiring the business following the imminent retirement of its founders.
Smith Cooper provided the tax support to ensure that the deal process was financially viable for all parties and a smooth transaction was completed.
The deal was transacted with financial support provided from British Bank Aldermore.
Mr Price said: “Having worked at Brownhills Glass for many years, I recognised the company’s strengths and future potential. The business has a diverse customer base and strong trading record and I felt that this deal represented a good investment opportunity.”
Ed Saunders, director at Smith Cooper, who led the deal, said: “Brownhills Glass has a strong reputation in the area and provides valuable local jobs. Tim has worked at the company for many years so when the opportunity arose to purchase the business he knew that they could continue its legacy whilst also being well positioned to take Brownhills Glass to the next stage of its future growth.”
Peter Raybould, associate director at Aldermore, concluded: “Brownhills Glass is a strong business run by an experienced and knowledgeable management team. We were delighted to help Tim and Mark take ownership of the business and put it on a sound financial footing. I would like to wish them every success for the future.”