Irwin Mitchell Advises HSBC On Funding For The Deal

The management team at Leengate Valves has completed a buyout of its private equity partner, YFM Equity Partners.

The Derbyshire-based wholesaler turns over £12m a year and supplies over 20,000 valve products as well as providing associated calibration, actuation and engineering services.

YFM initially invested in 2013 to support the management buyout from German industrial gasses group Linde. Following the buyout, Leengate’s management team has embarked on a growth plan which has seen annual sales double and employee numbers increase to over 40.

The management team has announced that it has now bought out its private equity investor YFM Equity Partners in a deal which sees management acquire take control of the business. 

Funding for the transaction was provided by HSBC’s South Yorkshire Corporate team. HSBC were advised by Irwin Mitchell Banking & Finance partner, Dean Gormley.

Steve Pickering, managing director, said: “Leengate Valves has grown tremendously over the five years following our MBO, not only doubling the turnover but also the workforce. We would like to thank YFM for their support during this journey. Many thanks also to BHP, HSBC and Keebles who have been there to advise along the way.”

Nigel Owens from YFM said: “We partnered with Steve, Leigh and Mick back in 2013 carving Leengate out as an independent business and it has been a pleasure working with them since. During that time the team have skilfully grown and developed the business, expanded its product range, invested in increased distribution capacity and completed a successful acquisition to nearly double revenues. We wish the team and Leengate well in the future.”