Secondary MBO at Shacklock
Nottinghamshire-based Shacklock Plumbing Heating & Electrical has completed a secondary management buyout (MBO).
Founded by Neil Shacklock in 1964, the Sutton-in-Ashfield business provides plumbing, heating and electrical services to housebuilders, housing associations and local government.
The new management team is led by Matt Sherlock and includes managing director Damian Shacklock – providing a continuing link to the Shacklock family – Andy Middleton, Kevin Holford, Stuart Simms and Mark Stevenson.
It follows the first MBO in 2007.
Funding was provided by Gerry McPake and Dale Cowdell at Allied Irish Bank, which provided a mortgage and commercial loan to support the acquisition and an overdraft facility for working capital. The bank was advised by Peter Flowerday of Actons Solicitors.
Baker Tilly led the deal with Mike Quinn and Graeme Gladstone providing advice to the Shacklock management team. The firm also advised the 2007 MBO.