Castle is pleased to announce the partial Management Buy Out (“MBO”) of The Darent Wax Company Limited
Castle acted for The Darent Wax Company Limited (“Darent Wax”), a long established, wax technology business providing high quality, speciality waxes and wax compounds to a wide variety of customers and markets as diverse as Beauty, Aerospace, Engineering and Agriculture. This successful Kent based business employs 50 people and has operations in South Darenth and Orpington.
Castle Corporate Finance were the lead advisers on the MBO, leading all commercial negotiations, structuring the transaction and sourcing finance. Shawbrook Business Credit was selected as the preferred funder, based on their track history and their ability to deliver the desired quantum of funding through a full asset-based lending offering, including an unsecured cash flow loan. Saffery Champness undertook the financial due diligence for Shawbrook and Rix & Kay provided legal advice to the Company on the MBO.
Tony Ward, founder of Darent Wax, commented: “I have known Mike Norrie at Castle for many years and so he was the first point of call when I was considering my future plans. Castle were able to structure a detailed plan that worked for all parties involved in the MBO and source competitive financing to effect the deal. We were impressed with the commercial and capable approach of Castle, who were able to take a concept and develop that into a comprehensive, fundable proposal that has positioned the business well for the future.”
Mike Norrie, Castle, added: “There were a number of different goals to achieve on this MBO, personal ones for the team involved at Darent Wax, as well as business objectives, so it was important that we considered the deal from all angles. Once all committed, we were able to run an efficient process, alongside a funder that we knew well. We are pleased with the result and for Tony and the management team. We wish them all the very best of success with the business going forward.”