Bibby pays pounds 20m for hire firm; IN ASSOCIATION WITH Rensburg Sheppards Aquisition part of group's buyout target expansion.Byline: BY TONY McDONOUGH Deputy Business Editor LIVERPOOL's Bibby Line The Bibby Line is a British company concerned with shipping and marine operations. Its parent company, Bibby Line Group Limited, can be traced back to the shipbroking partnership of Bibby & Hall, which was founded in 1801. group has splashed out pounds 20m to buy a specialist plant and equipment hire business. Bibby has acquired Burybased Garic, which employs 95 people, and says it is on the hunt for further acquisitions. Established in 1983, Garic boasts an 800-strong client base which ranges from independent contractors to major multinationals such as Balfour Beatty Balfour Beatty plc (LSE: BBY) is a British based construction and civil engineering company based in central London. It is the largest construction company in the UK, and the 15th largest in the world.[3] It is a constituent of the FTSE 250 Index. , McAlpine, Laing O'Rourke Laing O’Rourke plc is the largest privately owned construction firm in the UK. It has offices in the UK, Germany, India, Australia and United Arab Emirates, with over 23,000 employees worldwide. and Carillion. Its products include environmentally protective fuel tanks, wheel wash equipment, interceptor drip trays, drum stores and a full range of welfare cabins for construction sites. Existing shareholders, including founders Lorne and Gary Entwistle, will remain with the company in order to maintain its growth rate, which has seen turnover double to pounds 12m over the last four years. The business has been bought by Bibby Holdings, a specialist division of Bibby Line Group. This division was set up specifically to identify buyout targets in the pounds 5m to pounds 100m price range. Cy Green, chief executive of Bibby Holdings, said: "Garic shares a number of Bibby Line group's core values such as innovation, integrity and customer service excellence, which makes it a strong fit for our growing and diverse portfolio of companies. "As a private investor we have the flexibility to structure a deal which aligns the interests of all stakeholders Stakeholders All parties that have an interest, financial or otherwise, in a firm-stockholders, creditors, bondholders, employees, customers, management, the community, and the government. 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." Bibby Holdings was advised by Anthony Booth at Grant Thornton and Gareth McIntegart at law firm DWF DWF Design Web Format DWF Digital Wedding Forum DWF Drawing Web Format DWF Dwarf DWF Divided We Fail (AARP campaign) DWF Divorced White Female DWF Department of Wildlife & Fisheries DWF Distant Water Fleet . DWF corporate partner Gareth McIntegart, said: "Completing the deal is a major achievement given the constraints in the current economic climate. "However it illustrates what can be done with some creative thinking on the part of the client and advisers and a flexible approach from both sides. "We wish Bibby all the best in its new business venture." tonymcdonough@dailypost.co.uk CAPTION(S): Cy Green |
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