Tracey Williams of Albert Goodman, representatives of The Corporate Finance Network in Avon & Somerset, has recently advised an MBI team to acquire a specialist business in the horticulture sector, based in Somerset.
The business, which manufactures products that facilitate the growing of flower and vegetable seeds, was acquired by a four strong investment team, lead by managing director, Andrew Gould. The team was advised by Tracey Williams at Albert Goodman and law firm Foot Anstey.
Finance was provided by HSBC. Mark Perrins, International Commercial Manager at HSBC's North Devon and South Somerset Commercial Centre, led the deal on behalf of the bank,
Seed Development is based near Bridgwater, Somerset, and employs approximately 50 people. The company produces materials to facilitate the growth of domestic flower and plant seeds, including tape, mats and disks. The products optimally place the seeds for efficient growth without the need for handling seeds, remove the need for thinning out seedlings and resulting in better yields and stronger plants.
It makes seed tapes and associated products for seed companies throughout Europe, North America and Australasia and enjoys a 70% share of the global market, generating 98% of its £2.3 million turnover from exports. It was formed in 1966 and the previous joint owners, Pieterpikzonen BV, a leading Dutch seed company, and Richard and Bella Flood, ran the business since 1996.
Albert Goodman Corporate Finance Partner Tracey Williams added: "It was good to work with a bank who from the outset looked beyond the 'MBI' headline and the conditions of the debt markets.
"This is a gem of a business. Even in this climate, the usual prerequisites apply and made this deal possible: impressive management team, visibility of revenues and an attractive and growing market sector."