Deloitte advises the founders of Carter Cabin Hire on a private equity-backed MBO


13-07-2015

Deloitte Corporate Finance has successfully advised the founders of Carter Cabin Hire on the sale to a private equity-backed management buy-out team, for an undisclosed sum.

 

Carter Cabin Hire is one of the UK’s leading temporary accommodation hire businesses, providing high quality modular buildings and cabins to a variety of sectors, including construction, education, energy and agriculture. It has an accommodation fleet of over 3,000 individual units for hire. The business is based near King’s Lynn in Norfolk.

Funding for the management buy-out transaction was led by Connection Capital, the specialist private equity firm, with debt finance being provided by PNC Business Credit. Total facilities raised in support of the transaction exceeded £14 million. Darren Arnold, CEO of Carter Cabin Hire, led the MBO team.

The Deloitte team was led by Tim Hansell, who heads up Deloitte’s Corporate Finance team based in Cambridge.

Commenting on the transaction, Tim Hansell said:“We are delighted to have advised the founders of Carter Cabin Hire on this classic private equity-backed MBO. The transaction not only secures a successful exit for the founders, but also provides the business with access to additional funding to invest for future growth and provides a platform for management to share in the future success of the business.” 

Tim added: “This transaction follows hot on the heels of the recent Snape Maltings sale which Deloitte Corporate Finance also advised on and is further evidence of the buoyancy of the M&A market in the Eastern region.”

Commenting on Deloitte’s role on the transaction, Dave Carter, Founder of Carter Cabin Hire, said: “Deloitte did a fantastic job for us on this deal, helping us to build the equity story and sell the future growth potential of the business to prospective investors. Deloitte controlled the whole sale process for us, introduced us to potential funding partners and negotiated the key commercial terms of the transaction on our behalf. I would have no hesitation in recommending Tim and his Deloitte team to other business owners who might be thinking about selling or realising value. Their advice and support was vital in making this deal a reality.”   

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The Deloitte Cambridge office comprises 8 Partners and over 250 staff who deliver a full range of professional services to the East Anglian region. As well as focussing on the life sciences and technology sectors for which the region has become so renowned, the office has long standing specialisms in other sectors including the professions, consumer business, food and agribusiness.

Deloitte LLP