2nd June 2020
Management Buy In Completes At Yorkshire Based Oxley Holdings
Oxley Holdings Limited, Yorkshire’s leading supplier and installer of quality garage doors, gates and shutters, has been bought as part of a Management Buy-In backed by Wakefield based Mysing Capital Limited. Financial due diligence was provided by Sophie Colloby from Dow Schofield Watts Transaction Services team.
Established in 1985, Oxley specialises in the supply of garage doors to the housebuilding sector alongside servicing local homes and businesses across Yorkshire and the North of England. The MBI is led by incoming Managing Director, Steve Hennessey, who has operated across the Garage Doors sector for over 20 years.
The company was previously owned by Christopher Oxley and Richard Cheeseman with the former retiring following completion of the transaction. Cheeseman will continue as a Director and Shareholder of the company going forward.
Oxley represents Mysing’s third investment as part of its buy and build strategy to create a group of companies servicing the housebuilding sector under the Novora brand.
Debt funding for the Oxley transaction was provided by alterative lender Triple Point and Chris Silverwood, Corporate Finance adviser to Steve Hennessey, originated the transaction.
Steve Hennessey, said, “I’m delighted to be taking over the leadership of the business from Chris and Richard. Oxley is a fantastic brand that has an enviable position in the Yorkshire market which provides the ideal platform on which to develop a wider, national service offering to the housebuilding sector”.
Tony Norwood, leading the buy and build strategy on behalf of Mysing Capital, said, “Oxley is a perfect addition to the Novora group which is focused on providing a specialist range of services to the housebuilding sector. With a combined turnover in excess of £28m and more than 200 employees across 12 UK locations, we now have the ideal foundation – combining both scale and expertise – for significant long-term organic growth.”
Legal advice to Mysing was provided by DWF in Leeds, led by Lester Wilson. Christopher Oxley and Richard Cheeseman were advised by Smailes Goldie, led by Peter Dearing with legal advice provided by Andrew Jacksons.
Tax advice provided by Russ Cahill (Tax Advisory Partnership).