OakNorth Bank funded buyout unlocks next phase of growth for engineering specialists
The management team of Birmingham firm FBS Intelligent Engineering (iE) Limited (“FBSiE”), a leading provider of mechanical and electrical services, has completed a management buyout to facilitate the company’s next phase of growth.
Founded in 2006, Sutton Coldfield-based FBSiE has a successful track record of providing turnkey mechanical and electrical solutions to some of the UK’s most secure locations in civil and central Government, working alongside key tier one providers.
The successful transaction was advised by Simon Lloydbottom from Alinea Corporate Finance and Clare Lang at mfg Solicitors LLP, with funding from OakNorth Bank. Alison Davidson-Cox of Gateley Legal acted for OakNorth Bank.
Founder Gerry Farrelly, alongside Paul Farrelly and Becky Thorp, continue to lead the organisation, providing an ever-increasing quality of service to clients and ongoing relationships with their supply chain partners.
Commenting on the transaction, Gerry Farrelly said: “We are immensely proud of what the FBSiE deal team has achieved. This transaction enables us to continue our focus on delivering high quality installations and maintenance to our long standing and loyal customers. We are very excited for the next chapter of growth”.
Simon Lloydbottom from Alinea said: “The FBSiE team are passionate and focused, providing outstanding levels of service quality for their clients. It’s an absolute pleasure to work alongside them to achieve this milestone deal, they’ll make a great success of the future”.
Clare Lang, partner and head of Corporate at mfg Solicitors said: “This was another exciting deal to be part of and we are delighted it has gone through. FBSiE is a first-rate business with tremendous credentials.”
Marcus Hook, Director of Debt Finance at OakNorth Bank added: “We are delighted to announce our support in providing debt finance solutions to FBSiE, a business that prides itself on its technical expertise and strength of customer and client relationships. FBSiE have shown strong resilience during the recent COVID-19 period and we have been further impressed by both the quality of the management team and the healthy project pipeline that should come to fruition over the coming months. This has been a great process for OakNorth Bank to be involved with as we constantly look to support entrepreneurial business owners.”