HSBC Yorkshire & North East complete a hat-trick of deals

HSBC’s Yorkshire and North East Leveraged Finance team has successfully completed three major regional transactions in the space of four weeks.

• The refinancing of Leeds-based fleet management group Zenith
• The buyout of Leeds-based specialist glass bottle manufacturer Allied Glass
• The buyout of Teesside-based chemicals manufacturer Fine Industries.

The refinancing of Zenith, the UK’s largest independent leasing, fleet management and outsourcing business, completed on 16 October with the company raising £91m of facilities.

HSBC first supported Zenith in 2008 with funding for the acquisition of Provecta and subsequently supported the fourth buyout of the business in 2010.

CBPE acquired a majority share of Allied Glass for a second time on 8 November from Equistone Partners Europe to whom they sold their original stake in 2010.

Allied Glass is the UK’s fourth largest glass bottle manufacturer by volume and a leader in the supply of bottles for the high-end global spirits industry.

It specialises in the production of complex bottles and supplies containers to brands including Johnny Walker and The Macallan.

HSBC provided facilities throughout the period of Equistone’s ownership and were very pleased to be able to continue to support the management team alongside CBPE through the businesses next stage of growth.

NorthEdge Capital invested £25.5m in Fine Industries on 12 November.

Fine Industries was the subject of a management buyout from a large multinational in 2008 and after five years of growth. Craig Morgan, managing director, is leading the latest buyout alongside NorthEdge.

HSBC have committed further funding to accelerate the capital expenditure programme which will increase capacity and support the company’s growth ambitions.

The deals were led on behalf of HSBC by Tom Green, head of Leveraged Finance for Yorkshire and North East.

The hat-trick of deals follow continued investment in the locally based team, comprising associate directors James Scholes and Ross Lumsden, manager Barry Mackay and associate Julia Whiteley.

Tom Green said: “We are delighted to have been able to support three excellent businesses within such a short space of time. The level and quality of resource we now have based within the region means that we are well placed to support local businesses and the private equity community as we head into 2014.”

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