Cumbrian electrical engineers acquired in seven-figure buyout

Industrial and commercial electrical engineering contractor Bainbridge Electrical Ltd has changed hands in a seven-figure management buyout.

James Dickinson, former commercial manager of the Kendal-based business, acquired the company from the Bainbridge family who founded it in 1959.

Bainbridge Electrical employs 28 staff and delivers a range of industrial and commercial electrical work throughout the North West.

The business has been run since 1999 by Geoff and Steve Bainbridge, sons of founder David Bainbridge.

Steve retired following the buyout, while Geoff continues to work for the firm in the role of consultant.

The corporate finance team at accountancy and advisory practice Armstrong Watson brokered the deal. Mercia Fund Managers supported the transaction with debt funding, while Nick Hodgson of law firm Cartmell Shepherd provided legal advice.

James Dickinson, now managing director, joined Bainbridge in 2014. He said: “I am delighted to have completed the purchase of Bainbridge Electrical. Under Geoff and Steve Bainbridge’s leadership I have found it a fantastic place to work with a highly skilled and motivated workforce.

“They have set quality standards high and I plan to carry on providing the same first-class service.”

He added: “There are some exciting opportunities on the horizon and I cannot wait to take the company forward.”

Armstrong Watson’s head of corporate finance, Richard Rankin, commented: “Bainbridge Electrical is a very successful and long-established family business.

“We have been working closely with James and the Bainbridge management team to ensure the transaction was a success for all parties.”

He continued: “The deal had its challenges, but by working closely with the funders and James, the desired outcome for everyone was achieved.”

The loan provided by Mercia Fund Managers enabled James Dickinson to retain a 100% stake in the business.

Mercia investment manager Chris Carter said of the deal: “James is a highly motivated manager who has already been successful in winning new business and has ambitions to expand the business.

“Our funding will allow him to pursue his growth plans and lead Bainbridge into the next stage of its development.”

Isabelle Inskip of law firm Weightmans advised Mercia Fund Managers. Close Brothers provided an invoice finance facility to support the deal. David Filmer of Harrison Drury advised the vendors.

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