Recent Deal

Recap For Holloway White

Small buy-out specialist, Matrix Private Equity Partners (MPEP), has recapitalised the Holloway White Allom group, the up-market construction business, using $5m of the company’s surplus cash and a £12m debt package made available by Lloyds TSB Bank plc.

The latest deal, together with an earlier refinancing in 2005, has delivered a 5x cash multiple and locked in a minimum 81% IRR for MPEP. Following this transaction, MPEP’s shareholding has increased from 17% to 21% as some of the original management team have retired.

Marriott Harrison advised the group in connection with the partial realisation of the company and the refinancing. Duncan Innes (Corporate partner) led the transaction, assisted by corporate assistants Jonathan Leigh-Hunt and Barnaby Jenkins.

Marriott Harrison has advised the group since a management buy out in 2002, backed by funds managed by MPEP, whom, with its predecessor GLE Development Capital, Marriott Harrison has advised since 1988.

Smith & Williamson Corporate Finance project managed the transaction led by Director David Roper and assisted by Associate Directors Martyn Fraser and Alison Balmer. Director Ian Burns also undertook due diligence for Lloyds TSB Bank plc.

David Roper commented “Holloway White Allom is a company which provides a high quality service to its clients which along with strong management has been instrumental in ensuring the continued strong growth of the company. This refinancing, which has also enabled a management restructuring to take place, now puts the company in an even stronger position for future growth and development.”