Torque-Expo

Long established local aluminium powder coating business Vertik-Al Limited has been acquired by investment funds led by Perscitus LLP on behalf of the family office of renowned private equity veteran Jon Moulton.

Vertik-Al was the first to introduce vertical powder coating of aluminium in the UK and has remained a leader in this process. The £11 million turnover business is based in Shard End in Birmingham and its customer base comprises aluminium extruders and system design fabricators. Vertik-Al has invested significantly in advanced plant and equipment and has one of the few vertical powder coating lines in the UK. Powder coating represents over 15% of the total industrial finishing market and is used on a wide array of products for a high-quality, durable finish.

The Corporate and Structured Finance team of Clydesdale & Yorkshire Bank has provided senior debt and working capital facilities to support the acquisition. For the Bank the transaction was led by Senior Directors Ian Howey and Ian Mansell.

Ian Howey said: “It is extremely satisfying to be able to assist in the evolution and development of businesses like this which have been in family ownership since they were established. The growth and success of regional economies is critical to the success of the UK economy and we look forward to working with the new management team as the companies go from strength to strength.”

Following the transaction, Graham Brown has been appointed MD of the Group, while Angus Mackie has taken on the role of Group Financial Director.

Angus Mackie said “The Clydesdale and Yorkshire Bank team worked closely with the investors and management team and showed that they really understood the business from the outset. This collaborative approach gave us great confidence in the deliverability of the senior funding.”

The Bank was advised by James Dyson and Lee Clifford of Freeths. Financial due diligence was provided by Julian Clough and Adam Foster of Mazars.