Irwin Mitchell's Banking Team Advises On Deal

Leading independent building management and energy solutions companies, BG Energy Solutions (BGES) has announced the successful completion of its management buy-out (MBO) with crucial funding from fintech lender, ThinCats.

Based in Sheffield, BGES was founded in 1995 and specialises in the building controls sector. Since then, the company has made a name for itself by providing unique in-house energy solutions for businesses and consumers including flagship product, VISTA, an integrated energy optimiser. 

Having built the business from the ground up, BGES founders Duncan Higgins and Steve Gunn then looked to their next business venture. In order to ensure BGES’s continued success, they needed to create an exit strategy that would prioritise business continuity. So, they hired Gareth Barber as Managing Director in 2016 to help facilitate this transition. 

After managing the business’s strategic goals for three years, Gareth and the management team chose to implement a management buy-out. In order to facilitate the exit plan, the management team needed a unique debt-facility. After inviting several financiers to pitch, BGES ultimately chose ThinCats, to facilitate the deal. 

Dean Gormley, Banking & Finance partner at Irwin Mitchell provided legal support to ThinCats. 

Expert Opinion

“We are delighted to have advised ThinCats on this latest deal. BG Energy Solutions is a great example of a fast-growing and innovative Sheffield business and I’m confident that it has the right funding package in place to not only complete the buy-out, but to realise its future plans.” Dean Gormley - Partner

In conjunction with Gareth, Mike Dauris (Head of Projects) and Simon Shaw (Senior Project Manager), acquired a controlling stake in the business. 

Gareth Barber, Managing Director of BG Energy Solutions, said: “We are delighted to officially announce our joint ownership of BG Energy Solutions. Over the past three years, the business has demonstrated strong growth, and is well positioned to capitalise on new opportunities. I would like to thank the original co-founder of BGES, Duncan Briggs and Steve Gunn for their support and guidance over the past few years. I would also like to thank Kevin from ThinCats, in particular, who worked tirelessly to facilitate this successful deal from day one.”

Kevin Steven, Director of Business Development for South Yorkshire, ThinCats, said: “ThinCats' tailored funding facilities are ideally suited to businesses going through event-driven change, such as management buyouts. We were delighted to support the management team with the desired funding to complete the MBO. We wish them every success with this exciting opportunity to take the business to the next stage of growth.”