"Six years ago in preparation for their retirement, the 2 shareholders of Filpumps Limited approached Mike Brown of AAB regarding a possible sale of the company through an MBO. Whilst the company was in good shape Mike advised it would be necessary to build the appropriate team around them and only then submit proposals for funding. During 2011 with the correct team in place, and with the help from the AAB Corporate Finance Team, Heads of Agreement between the vendors and purchasers were agreed and a full set of financial projections and briefing papers were prepared to secure funding from the relevant banks.
With funding secured, in no small measure due to the quality of the papers submitted, AAB worked with both the Management and Legal teams to finalise the new structure, lending valuable tax advice and support to bring the deal to a satisfactory conclusion in February 2012.
The process is never straightforward and takes longer than first thought but without doubt it would have been more difficult and problematic without the professional support, encouragement and enthusiasm of all the Corporate Finance team members who gave their all to ensure we reached a happy conclusion."
Ian Grierson, Managing Director, Filpumps Limited