MBO of FBS Intelligent Engineering funded by OakNorth Bank
We advised OakNorth Bank on term and revolving facilities to fund the management buy-out of FBS Intelligent Engineering (iE) Limited (FBSiE) and on providing ongoing working capital.
Founded in 2006, FBSiE provides a diverse portfolio of mechanical and electrical services to the construction industry. The Sutton Coldfield-based company has a long and successful track record of providing turnkey mechanical and electrical solutions to some of the UK’s most secure locations in the civil and central government, working alongside key tier one providers.
OakNorth Bank provides fast, flexible and accessible debt finance (from £500,000 to £50m) to fast growth UK businesses. The transaction sees them fund the management buy-out of FBSiE to unlock the next phase of growth for the engineering specialists. Founder Gerry Farrelly will continue to lead FBSiE, alongside Paul Farrelly and Becky Thorp.
Alison Davidson-Cox, banking & finance associate at Gateley Legal who advised on the transaction, commented: “We are thrilled to have supported OakNorth Bank in providing a bespoke debt finance solution to FBSiE. We look forward to seeing the management team continuing to take the business from strength to strength with OakNorth Bank’s backing.”
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