Aberdeen Murray Johnstone Private Equity has sold west Yorkshire-based Webfell Group, a waste management company, to asset-based lender Enterprise Finance Europe (EFE) in a secondary buyout transaction.
The deal will provide the MBO team; Andy Clark, managing director, and Richard Lochman, finance director, with a platform to allow continued investment and to support the company’s growth strategy. Lochman was part of the original 1998 management buy-in team.
Total funding for the original deal was in excess of £9m. Clients of Murray Johnstone, including Murray VCT, Murray VCT 2, Murray VCT 3 and South Yorkshire Venture Fund, invested £3.37m in the deal with NatWest structured finance providing senior debt finance and working capital facilities.
With a £30m turnover, Webfell works in partnership with clients and national construction contractors to prepare sites in advance of building construction. The company, which was established in 1979, employs over 200 staff at its Normanton base.
EFE was introduced to the deal by Grant Thornton (Ian Marwood and Chris Beck) and Aberdeen Murray Johnstone Private Equity (Andy Glennon.) Walker Morris provided legal advice to EFE (John Guggenheim and Paul Cooper) with Ernst & Young (Gary Wilson and Craig Billups) undertaking due diligence on behalf of EFE.