Bibby Financial Services (BFS) has provided £3m in funding to support the management team of heat exchange manufacturer, Thornhill Group.
Founded in 1988, Yorkshire-based Thornhill Group has been acquired in a management buyout (MBO) as it embarks on a new growth strategy.
A supplier and manufacturer for heat exchange products, the group supplies a variety of industries, ranging from oil and gas to food and drink, working with notable major UK & European clients. The Thornhill Group currently employ over 150 staff across the group.
The funding line was supported by investment specialists, Rcapital, who saw BFS as the financial partner of choice.
David Lilley, group managing director of Thornhill Group, said: “We’re ambitious about our future growth and we needed a funding partner that shared our vision. BFS have experience with both MBOs and specialist businesses, so we’re delighted to work with them.
“Following the funding line, we can now look to emphasise our manufacturing output and supplying our goods both domestically and overseas.”
David McIntyre, corporate manager at Bibby Financial Services, added: “With a strong reputation amongst blue-chip customers and a robust business model, Thornhill Group is embarking on the next chapter of its growth story. The funding facility we have created allows Thornhill to fund contractual and conventional debt and therefore provides a firmer footing for growth.
“It has been a pleasure to have worked closely with Rcapital to create a bespoke funding package which facilitates the expansion and growth of the group’s established business divisions in Grimethorpe, as well as its service division in Blaydon and the rail division in Atherstone.”