Investec Growth & Acquisition Finance has provided a debt facility to support the vendor backed management buy-out of BM Polyco, the UK’s largest professional and consumer gloves business, led by managing director Mark Holdaway.
Headquartered in Enfield, BM Polyco is the UK’s largest supplier of consumer hand protection through brands such as Bizzybee and Finesse, as well as being one of Europe’s largest professional glove makers.
Originally founded in 1979 by Leslie Blustin and Greg Murray, it has grown both organically and through a number of acquisitions including Bodyguards. It now employs 125 staff and generates over GBP55m in annual sales.
BM Polyco will be acquired by its senior management team led by Holdaway with the financial support of Investec and the company’s founders.
Investec has provided BM Polyco with a debt package combining amortising and revolving debt, delivering funding for the management buy-out and group refinancing while also providing support for working capital, investment and acquisitions.
Tristan Nagler of Investec says: “We are delighted to support the BM Polyco management team on their acquisition of the business. They have ambitious plans for growth and acquisition which they can now embark on by combining our financing with their passion and expertise.
“We are financing the BM Polyco management buy-out alongside Leslie Blustin and Greg Murray, the company’s founders. We delivered a staged exit for the founders whilst rewarding management for their years of service, giving them control of the business. This highly innovative buy-out typifies the deals Investec Growth and Acquisition Finance has been structuring in recent times, delivering a solution for both vendors and managers.”
