RBS Invoice Finance and RBS banking teams in the Midlands worked rapidly and tirelessly in collaboration to fund and support the deal, with Leeds-based Mazars introducing Cavalier Marketing to HLD to secure the sale. Irwin Mitchell Leeds Advise On the Deal.
Cavalier Marketing based in Keighley is one of the largest manufacturers and suppliers of bathroom furniture in the UK and this acquisition is a complimentary business to other HLD Group Companies. John and Rob Harrison, the vendors, will remain with the business for the long-term and continue to develop the bathroom business with the HLD Group.
The SME asset based lending team at RBSIF in Birmingham and RBS Corporate banking colleagues, Derek Prince and Ian Macnamee, worked in a remarkably short time frame to complete this deal. Advisors to Cavalier Marketing were Oliver Hoffman, National Head of Corporate Finance at Mazars and Will Brennand Corporate Finance Manager and Corporate Partner Paul Johnson and Associate Sandip Khroud from the Leeds office of law firm Irwin Mitchell. Squires Patton Boggs UK acted for RBS.
Paul Johnson Corporate Partner and Sandip Khroud from the Leeds office of law firm Irwin Mitchell added:
Paul Johnson Cavalier is very well established in the bathroom sector and is a superb acquisition for HLD. Both John and Robert have many years of experience in the sector and will be actively involved in Cavalier and HLD in the future. Together the businesses have an exciting future and I’m confident that the management team will take advantage of the growth opportunities that exist here in the UK.”
Demis Ohandjanian, Chief Executive of HLD Group commented: "The acquisition of Cavalier Marketing Ltd has been in our plans for several months, the business has developed superbly under the leadership of John and Rob Harrison. With this acquisition, our group will make a quantum leap in the home products sector and we are thrilled at the prospect of working with John and Rob for the long term benefit of Cavalier and HLD.
With regards to RBS, I am delighted with the speed of delivery and project management of the RBSIF Asset Based Lending team when presented with the funding opportunity. What impressed me most, was the enthusiasm and endeavour of the entire RBS team to make this transaction happen and to support the HLD Group, in such a short space of time. In all my years of deal making, I have never seen a mainstream bank rise to a challenge like this. I have no doubt, that this will be the start of a long-term partnership with RBSIF and RBS as HLD continues to make acquisitions across the UK. I would highly recommend Colin and his team to businesses such as ours, with ambitious growth plans”
John Harrison from Cavalier Marketing said: “We are delighted to complete the sale to HLD and will continue to be actively involved with the business as it becomes part of the HLD Group. From the moment Oliver Hoffman at Mazars introduced us to HLD we knew it was a strong fit and would benefit the future growth of Cavalier Marketing, our customers and our staff.”
Colin Muir, Head of Asset Based Lending, SME, RBS Invoice Finance added, “We are delighted to support the HLD Group in its latest chapter in their growth plans and look forward to being an integral part of their future success.”
Oliver Hoffman, National Head of Corporate Finance at Mazars said: "This is a great opportunity for Cavalier and we’re delighted to have played our part in helping the acquisition by HLD take place. John and Robert have worked hard to build up the business at Cavalier and this next stage of the firm’s growth with HLD is sure to be a great success."
