RMB Corvest have partnered with Bay Tree Private Equity, together Westbrooke Alternative Asset Management UK with for a successful management buyout of Hawco Limited, from Diploma plc.
Based in the United Kingdom, the business is a specialist supplier of components for commercial refrigeration, air-conditioning, vending and industrial markets.
For RMB Corvest, partnering with Westbrooke provides them with a partner that has on-the-ground operations in the UK, allowing the team to be closer to the underlying investment and the investment partner, Bay Tree. Westbrooke provided a significant equity co-investment into the transaction in support of Bay Tree Private Equity as the lead partner.
RMB Corvest’s partnership with Westbrooke is deliberate as they have previous experience in this sector. This experience and expertise are a key value-added component to transaction, where Westbrooke will be actively involved in supporting Bay Tree with strategy, capital allocation and M&A.
Martin Butler, Managing Director of Hawco Limited, said: “This is an incredibly exciting time and a huge opportunity for the business. The combination of RMB Corvest, Westbrooke and Bay Tree’s capital and expertise will bring the tools needed to build further on the value-add services we offer and expand on the success of our international sales.”
Geoff Wilmot, executive: RMB Corvest said: “RMB Corvest has demonstrated its skill and expertise, both locally and offshore, in strategically growing companies. Our previous experience in the UK market means we are well positioned to support their aspirations in local and continental footprint in the sector, whilst realising significant return for RMB Corvest.”