Birmingham-based industrial storage manufacturer Metalrax Storage has undergone a management buy-in.
The deal, for an undisclosed sum, was led by Metalrax Storage managing director Marko Ivanovic.
Manchester-based TMG Corporate Finance negotiated the acquisition with a new finance facility provided by invoice and asset-based lender Venture Finance.
Venture provided Metalrax’s new owners with a confidential invoice discounting facility coupled with a plant and machinery loan worth £150,000, unlocking working capital for growth.
In addition, the owners raised and invested £100,000.
TMG leveraged this finance facility to negotiate deferred payment of part of the value of the contract.
Mr Ivanovic, managing director and executive shareholder at Metalrax, said: “Metalrax’s main customer-base is in the commercial and industrial sectors but I see huge potential to move into other sectors, particularly retail.
“The invoice discounting is vital in providing us with the working capital we need.”
Metalrax is an established supplier of products and solutions to industry, government and public bodies such as the emergency services and education authorities.
Its customers include Her Majesty’s Courts Service, the National Museum of Wales, Next, Boots and Argos.
Martin Clark, business development manager at Venture, said: “As the UK economy recovers, businesses are starting to shift their focus from survival to growth. Asset-based lending is an increasingly viable option.”
