Member Article

Altrincham-based CorpAcq gain £25m investment deal

Altrincham-based buy-and-build group CorpAcq has received a £25m funding boost from corporate credit specialist Alcentra.

Alcentra has invested in the company once before in 2013.

The new loan will be used to repay some existing debt and provide capital for investment including further acquisitions.

Its activities span building services, manufacturing, precision engineering, packaging, and plant, generator and forklift truck hire.

Earlier this month, CorpAcq announced the acquisition of Northern Packagingand is looking to complete at least five more deals this year.

The group currently comprises 11 businesses across the North West, Yorkshire and the Midlands.

CorpAcq chairman Simon Orange said: “We have developed a good relationship with Alcentra and this new funding reflects their complete confidence in CorpAcq, the strength of the existing portfolio, our management team and our business plan.

“We have several deals pending and believe this money, together with cash-flows from our existing portfolio, will be enough for us to acquire 20 businesses over the next five years.

“This should take us to closer to our target of achieving annual profits of £100m.”

Frédéric Méreau, senior executive director at Alcentra, said: “We are pleased to be CorpAcq’s financing partner and to support the management team in its future growth ambitions.

“We remain very impressed by the consistency, discipline and strong performance of CorpAcq’s investment approach.”

CorpAcq was advised on the transaction by Lee Teste, of Summerlin Corporate Finance, and Matt Fleetwood, of law firm Fieldfisher.

This was posted in Bdaily's Members' News section by Sophia Taha .