The UK’s market leading rooflight manufacturer completes Management Buy-Out. Glazing Vision, one of the world’s leading and manufacturers of glass roof solutions, has recently been acquired in a multi-million pound deal by its management team from the company’s founder, in a deal which will enable the business to take a leap forward, despite current global uncertainty. Price Bailey, the Top 30 accountants, and law firm Howes Percival, both advised management on the transaction in September 2020.
Glazing Vision operates from a 65,000 sq ft factory in Diss, Norfolk, and through a growing operation in the USA and multiple distribution channels across Europe, Asia, and most recently, Australia. It sells off-the-shelf, standard, and completely bespoke glass roof solutions to clients wanting to add a ‘wow’ factor to their projects.
Significant further international expansion is now planned for the business, which likely will create job opportunities at the headquarters in Diss and internationally.
After 25 years of trading, and with over 100 staff, the company has become the largest manufacturer of rooflights in the UK. With appearances on national television for glass rooflights on some of the most prestigious buildings in the country and celebrity clientele, the main shareholder felt it was the right time to sell his majority stake. It was an opportunity not to be missed for the management team, which consists of three current minority Director/Shareholders and three new management team members all now further engaged to drive the business forward.
Price Bailey’s Strategic Corporate Finance team, led by Stephen Reed, was engaged to advise on the transaction and to help management raise the necessary finance to support the transaction. Given this was during the early stages of the pandemic, the lending market was understandably cautious, but with the positives surrounding Glazing Vision, coupled with the specific expertise of Price Bailey in MBOs of such manufacturing businesses, the transaction was able to be completed with funding from Allica Bank.
Jon Shooter, Managing Director of Glazing Vision, said:
“We are delighted to have been given this amazing opportunity to continue the growth of Glazing Vision with the existing management team. This will ensure continuity of customer service and performance and enable the company to invest more resources in delivering what customers want. One of our priorities will be continuing international expansion, building on the network we have developed in Europe by adding capabilities in the US and Australia. This will create new opportunities for staff, many of whom have been with the business from the outset, and enable the business to continue its success story from its humble beginnings in Norfolk to one of the leading glazing manufacturers of its kind in the world.”
Stephen Reed, Partner at Price Bailey, comments: “This was a challenging deal in the current environment. Despite being an established business with a proven track record of profitability, High Street banks were unable to finance the buy-out or required terms unacceptable to management. Funding was eventually obtained from a specialist lender called Allica Bank. This transaction puts the business on a firm footing for navigating the current economic headwinds and continued growth and we wish Jon and the rest of the team every success.”
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NOTES TO EDITORS
About Price Bailey
Price Bailey is a top 30 accountancy practice specialising in providing accountancy, tax and business advice to enable the growth of regional, national and international businesses. In addition to traditional accounting services, the firm has a range of specialists in many areas which combine to provide a complete, integrated business offering. These include tax consultancy, corporate finance, strategic planning, insolvency & recovery and employment law.
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