Haydock-based investment and advisory firm, Seneca Partners, have acted as the lead adviser on a multi-million pound MBO of Brick-Ability Group.
Promethean Investments LLP have acquired a significant stake in Brick-Ability, a leading UK building materials supplier generating turnover of over £70m and EBITDA of around £4.5m. The group operates from 12 sites across the UK supplying bricks, blocks, cladding and other building products to the housebuilding and construction sectors. In the last year alone, the business supplied over 150 million bricks to UK housebuilders. The deal will see the Group’s existing chairman exit the business and provide access to capital for the company’s ambitious future growth plan incorporating geographical expansion, acquisitions and product diversification.
Alan Simpson (CEO) said: “Promethean brings the financial backing to fulfil our growth ambitions, both via acquisitions and further investment in our core markets. We welcome them on-board and would like to thank the team at Seneca for their tireless efforts bringing this together for us.”
Gordon Lane, Seneca’s Head of Corporate Finance added: “We are very pleased to successfully deliver this transaction, our second of 2016 working with Alan. We identified Promethean as the ideal private equity partner for Brick-Ability and arranged a deal that allowed the management team to both realise value today and have the financial fire power to support their ambitious future growth plans”.
Management were advised by Gordon Lane, Andrew Stubbs and Paul Leyland of Seneca Partners and Beverley Jones and Phil Pugh of Acuity Legal’s Cardiff office. Promethean were advised by Gareth Tippett of PwC and William McIntosh of Brodies LLP.