BIBBY BUYING TO BEAT THE CRUNCH.

Byline: by NEIL HODGSON Industry Reporter

LIVERPOOL'S Bibby Line group is confounding the credit crunch with the latest in a line of acquisitions.

It has announced the takeover of specialist plant and equipment hire business Garic, which employs almost 100 people in Bury.

The deal, for an undisclosed sum, is the latest by Bibby Holdings, which was set up specifically to identify acquisition opportunities for compatible businesses within a pounds 5m to pounds 100m price range.

Previous deals include takeovers in the logistics, marine, offshore oil and gas, financial services and retail sectors, including targets such as Costcutter, Woodland Burial Parks and MHL Support.

Duke Street-based Bibby said that it had a war chest to continue investing in the right deals, even in these straitened times.

Bibby Holdings chief executive Cy Green said: "As a private investor, we have the flexibility to structure a deal which aligns the interests of all stakeholders to long-term value creation and we will provide ongoing funding and strategic input to support management's ambitions.

"Bibby Holdings has funds available for future investments and will be looking at exciting opportunities to invest in businesses with excellent growth prospects."

Established in 1983, Garic boasts an 800-strong client base, ranging from independent contractors to major multinationals such as Balfour Beatty, McAlpine, Laing O'Rourke and Carillion.

Existing shareholders, including founders Lorne and Gary Entwistle, will remain with the company to maintain its impressive growth rate, which has seen turnover double to pounds 12m over the past four years.

Lorne Entwistle said: "This deal is great news for the business, our customers and our employees.

"Garic has secured the backing of a major private company which shares our vision, passion and enthusiasm extending our range of innovative products."

"This will provide us with additional expertise and experience."

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