Buy-out of Fishers is backed by BoS team
Dec 12 2007 The Journal
BANK of Scotland Corporate has provided a debt and equity package through its Integrated Finance team to fund the £40m secondary buy-out of Fishers Services Ltd – Scotland’s leading provider of linen to the hotel and hospitality industry.
As part of the deal to support the Fishers management team, Bank of Scotland will take a 20% stake in the business, enabling the management team to obtain a majority equity stake.
Fishers, whose North of England operations are run from Newcastle, and which also has sites in Cupar, Aberfeldy, Perth and Glasgow, was bought by Close Brothers Private Equity from the Fisher family in 2004.
This is the 11th deal completed by Bank of Scotland Integrated Finance this year. In the last three months alone, the division funded transactions including Polypipe and Keepmoat in August, M&H Plastics in September and Ainscough Crane Hire in October.
In 2007, Integrated Finance has completed deals worth in excess of £3bn in sectors including manufacturing, social regeneration, services and the leisure industry.
Fishers has recently expanded in the North-East and says this buy-out will provide added impetus within this market.
Commenting on the deal Steven Gray, a director for Bank of Scotland Integrated Finance, said: "The company has an excellent opportunity to continue its expansion and increase market share. We are delighted to support Fishers with this innovative debt and equity package."
