Cynergy Business Finance supports two Midlands acquisitions with £1.4m facility
The Kingmaker Group, a private equity firm specialising in engineering and manufacturing, has acquired Rowes Precision Products (Rowes) and Plating Technologies Limited (PTL), supported by a £1.4m invoice discounting facility from Cynergy Business Finance (CBF).
Rowes is a turned parts manufacturer based in Derbyshire, specialising in precision turned and machines components.
It supports industry by providing a complete machining solution backed up by plating and heat treatment services to offer finished parts on time to its client base across the UK and overseas.
The company is supported by first class engineering personnel designing robust efficient and cost-effective processes and products.
PTL, based in Leicester, provides high quality surface coatings for industry. It’s impressive array of processes includes various electroplated and lacquered coatings.
PTL supplies clients who thrive in demanding global markets including the automotive, defence and power tool industries.
The acquisition by The Kingmaker Group sees Rowes and PTL join the firm’s roster of ambitious engineering and manufacturing businesses.
The £1.4m invoice discounting facility from CBF will help to provide a substantial boost of cash flow to both businesses, enabling them to continue with their growth plans, scaling services and expanding into new territories.
Within this facility, CBF were able to leverage against the receivables to provide working capital to allow for the acquisition transaction and provided additional funding to assist with future growth.
Nigel Cowdery, director at The Kingmaker Group, said:
“CBF have been fantastic to work with. We could speak directly with decision makers, and they understood our need to be flexible.
They were also able to take both our needs and the needs of the customers into account, which was really important for us.
It was clear that we were working together with CBF to complete the acquisition.”
Dave Golding, managing director at CBF, said:
“We are very pleased to support the growth of The Kingmaker Group with a working capital facility for Rowes and PTL.
This acquisitive group has an excellent pedigree, and we are looking forward to supporting them with their future plans.”