Pimpernel GBP25m MBO

Advised by Tenon Corporate Finance Limited, based in Nottingham, England, table mat and coaster manufacturer Pimpernel International completed a GBP25 million management buyout in late October.

The Nottingham office of 3i provided the equity in the deal, while the debt and the banking facilities were arranged by the Royal Bank of Scotland. RBS provided 56 per cent of the deal’s funds and has no plans to syndicate the debt.

While 3i was the sole equity provider.

On the legal side, Pimpernel’s management was advised by Browne Jacobson, led by Rob Metcalfe, and RBS was advised by Eversheds. Richard Edwards led the Deloitte & Touche team, which executed due diligence work for both founders in the deal.

Ian Beswick of Tenon Corporate Finance was assisted by Karen Edwards and James Ward. Martin Hallmark and Daniel Smith led the RBS team.

Pimpernel’s management team was led by chief executive Roger Crudgington and finance director Mike Blakey.

The company said its profits have grown 15 per cent year-on-year for the last three years. Its main trading markets are the UK and the US. But it is in its 70-odd export markets where the company expects to see it main growth.