Investee Company – Atg (UK)
Investee Company Business Type – An electrical engineering company
Type of Financing – MBO
Equity Providers – Close Brothers Growth Capital, Management
Equity Leader (Individual) – Garrett Curran
Debt Providers – Close Brothers Growth Capital
Debt Type – N/A
Debt Leader (Individual) – Garrett Curran
Equity Amount – N/A
Total Deal Value – N/A
Other Advisors – CBGC (due diligence), KPMG (David Williams), Osborne Clarke, Hugh Jones (legal). For management: Financial – KPMG, Ian Latham. Legal – Brabners, Mark Rathbone
Comments – Close Brothers Growth Capital (CBGC) has participated in its fourth transaction in three months with the backing of the management buyout of Atg, which includes AT Group Ltd and atg Power Ltd, from its parent company ATG Group.
Prior to this financing CBGC backed the MBI of Chilworth Manor Ltd and provided expansion financing to A-Z Restaurants Ltd and Goodridge all in the last three months.
In this latest deal CBGC provided the entire external financing with a combined debt equity instrument said to be around 60% debt and 40% equity, although financials were not disclosed.
The two companies in the group are AT Group Ltd, which is an engineering and automation business based in Warrington, and atg Power Ltd, a power distribution business based in Cheshire. The company has grown consistently over the last few years and its client list includes Shell, Lever Bros and Siemens.
Garrent Curran of CBGC commented: “We are delighted to have completed this MBO. Atg is a great investment for us as it is a recognised leader in its field. It has an excellent management team with substantial depth, an enviable and loyal customer base and we look forward to working with them as they continue to develop.”