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Plant machinery firm undergoes MBO

One of Northern Ireland's largest distributors of truck and heavy plant machinery has undergone a management buyout backed by a £4m funding boost from Santander Corporate and Commercial.

The deal for Coleraine-based TBF Thompson (Garvagh) was led by directors Raymond Crilly, Alan Espie and Seamus Doherty. Santander's £4m investment is the bank's first ever structured finance deal in Northern Ireland and will help TBF Thompson expand the range of truck and heavy plant machinery it provides.

The company is also set to recruit apprentices for both its vehicle and plant business. TBF Thompson hopes that the MBO will herald the 'start of a new growth-focused business plan under a new executive board'.

Mark Robinson, relationship director at Santander Corporate and Commercial, said: 'We have been able to deliver a bespoke funding package that suited the firm's particular requirements and look forward to seeing TBF Thompson grow even further.'

 

Note: News bulletin content has been provided by a third-party and is not the opinion of Santander.

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