OakNorth completes debt finance deal with private equity firm
OakNorth – the bank for entrepreneurs, by entrepreneurs – has completed a debt finance deal worth £1.6m to Constant Equity, the private equity firm specialising in manufacturing and industrial companies in the Midlands and East Anglia. The funds have been used to acquire Keencut, a family-run manufacturing business established in 1982.
Based in Corby, Keencut manufactures precision cutters for the digital print industry. Since its founding over three decades ago, the company has expanded its product range by continuous product improvement and satisfying a growing range of applications and demands for its cutting machinery. Its products are now exported to over 40 countries worldwide and it is the market leader in several major markets, including: the USA, UK, France, Germany, Poland and Australia.
Constant Equity director, Paul Moxon will serve as Keencut Chairman and will be joined on the Board of Directors by international sales and marketing specialist, Phil May, and Keencut Operations Director, Emma Lockwood.
Commenting on the deal, Paul Moxon, Director of Constant Equity said:
“Keencut is a great British success story. It has a world-leading brand, based on innovative design and top quality manufacturing, and has managed to remain true to its local British routes. With smart investments in growth areas, we believe the business is well-placed to boost its presence on the world stage.
“The team at OakNorth were incredibly supportive and made sure to keep us informed throughout every stage of the process. We’ve worked with quite a few banks in the past and this was certainly one of the smoothest experiences we’ve had.”
Stuart Blair, Debt Finance Director at OakNorth said:
“Keencut has a great team of people who produce fantastic quality products. It is a great example of the value of “Made in Britain” and as we look ahead to a future outside of the EU, it will play a vital role in demonstrating the best of British manufacturing. With this new investment, and the huge experience that Paul and Phil bring to the table, the business has exciting growth opportunities ahead of it and we look forward to watching as they progress.”