HMT advised Maven Capital Partners and Newco on their recent buyout of Westway Cooling Limited (“Westway”). Matrix Private Equity Partners provided additional equity funding, whilst the Cooperative Bank provided term debt and banking facilities.
Westway was established in 2001 by Carl Brooks who, together with Andy Donnell, led the MBO. Ned Dorbin of Maven led the transaction and joins the board of Westway.
Westway provides high quality air conditioning and related services to a blue chip customer base. Clients include Marks and Spencer, Fitness First and JP Morgan Cazenove in addition to a number of top-end restaurants, high net worth individuals and City dealing rooms. The company focuses on the refurbishment and maintenance market, rather than the more volatile new-build sector, and targets customers for whom service and total reliability are key. Despite the economic backdrop, Westway is performing well with turnover of £10 million and employing over 100 people.
Ned Dorbin, Senior Investment Manager at Maven and Westway board member, commented:
“The team at HMT were invaluable in getting the transaction completed and a pleasure to work with. They maintained a very professional approach throughout the process working closely with the other advisers where necessary and they made sure we got the advice that we needed.”
Andrew Thomson commented:
“HMT was delighted to assist Maven and Management in achieving this buyout which gives them an exciting opportunity to continue Westway’s success and enjoy continued and profitable growth.”