Deal: Customade Group

SECTOR

Manufacturing

BUSINESS DESCRIPTION

Sales process resulting in a debt restructuring with a new investor taking majority control of the Group and providing the capital to support a restart plan.

DATE

April 2020

SITUATION

The Group was a windows and door manufacturer operating in the North of England. The business had £42m of senior debt across two lenders. Following a ransomware attack in January 2020, the Group had to temporarily cease production activities.

A&M ROLE AND OUTCOME

In April 2020 the Group engaged A&M to commence an Accelerated sales process. The opportunity was marketed as either a solvent sale of the Group’s shares, or a sale of all or part of the Group’s business and assets. A wide range of Special Situation and trade investors were engaged as part of the 8 week sales process.
The sales process successfully found a purchaser, and immediately following our appointment, a pre-packaged sale of certain business and assets of the Group was completed to the purchaser.
The transaction consideration for the Group was by way of the purchaser assuming £22.8 million of existing debt facilities from the Lenders.