17th December 2015
The Yorkshire & North East corporate finance team of DSW has advised on the MBO of CPD plc (“CPD”), a leading distributor of janitorial and cleaning products based in Hull. CPD has been acquired by its executive management team Tony Bennett, Ian Warvill and Kirstie Lloyd.
CPD was founded by the Shaun Chatterton in 1988 initially to supply cleaning and hygiene products to local businesses across the Humber and East Yorkshire. Over the past 25 years, CPD has established itself as one of the leaders in the UK janitorial and cleaning market, and last year reported turnover £21m.
The deal provides an exit for founder Shaun Chatterton whose principle focus will now be Floreon Transforming Packaging Limited, a bio plastics technology business which was demerged from the CPD in 2013. Shaun will remain on the board of CPD as a Non-Executive Director and retains a minority interest in the business.
Mr Chatterton said “I am delighted that we have achieved this outcome. The management team has worked in the business for many years and has the knowledge and expertise required to deliver continued growth and success.”
Shaun Chatterton was advised by Roger Esler & Paul Herriott at DSW Corporate Finance, Rollits, and the Tax Advisory Partnership.
Funding for the deal was provided by new facilities from Barclays Bank plc in Hull.