Buy-out sees independence for O&H Facilities
O&H Facilities, the UK’s leading supplier of PTS ambulances and single wheelchair vehicles, has demerged from its parent group, Oughtred & Harrison.
Founded in 1988, the Goole based business specialises in the conversion of light commercial vehicles into Patient Transport Service ambulances and accessible minibuses. In recent years, the company has expanded its product range and is now also one of the major suppliers of single wheelchair vehicles to the motability market.
The buy-out sees an exit for the Harrison family shareholders and has enabled the management of O&H Facilities to take an equity stake in the business.
Commenting on the transaction, Managing Director Steve Dexter said “I am delighted to announce this next phase in the development of O&H Facilities. The de-merger allows us to focus on our strategy of being the leading vehicle converter to the healthcare and disability markets. It is therefore great news for our customers, suppliers and employees.” Michael Oughtred, whose family remains a substantial shareholder in the business, commented further “Steve and his team have done a fantastic job in building the business over the past 15 years and we look forward to continuing our ownership in the company and to further develop its market penetration and profitability.”
Ingram Forrest Corporate Finance, the specialist corporate finance division of Barber Harrison & Platt acted as lead advisor to O&H Facilities. The Ingram Forrest team was led by partner Don Gray, who commented: “This buy-out clearly demonstrates that, notwithstanding the difficult economic conditions, funding continues to be available for properly structured transactions involving high quality businesses. O&H Facilities very much comes into this category and I have every confidence that under the leadership of Steve and his excellent management team the business will go from strength to strength.”
Funding for the transaction was provided by The Royal Bank of Scotland (“RBS”). Andy Barraclough, Director, Corporate Banking at RBS in Leeds, who led the bank’s deal team including Richard King and Joe Reid, commented: “RBS is delighted to have supported O&H Facilities in this transaction and we look forward to supporting the business further as the company enters its next stage. The management team’s considerable market knowledge and strategy for the business has continually impressed us and we are confident that O&H Facilities will continue to be successful.”
Legal advice to O&H Facilities was provided by Paul Trudgill, Managing Partner at Keeble Hawson and his team. Paul commented: “Keeble Hawson were delighted to have been involved in this deal. The commitment of the buy-out team and their dedication to service and customer care shone through during the transaction and we are confident that the strategy developed by the buy-out team will facilitate continued success for the business in the future.”
ENDS
Notes to Editors:
O&H Facilities is a specialist vehicle converter with operations in Goole and Brighouse. The company’s principal product lines are Patient Transport Service ambulances (non-emergency ambulances used to transfer patients between hospitals and home); Accessible Minibuses (minibuses adapted for use by disabled passengers); and Single Wheelchair Vehicles (private cars adapted to carry a passenger in a wheel chair).
The Company employs approximately 160 people and in the year to 30 April 2008 achieved sales in the region of £25 million. Further information can be found at www.oh-facilities.co.uk
The Oughtred & Harrison group was originally founded in 1919 in Hull by Norman Oughtred and Herbert Harrison and has over the years built up interests in shipping, insurance, freight forwarding and coach building.
Ingram Forrest Corporate Finance is the specialist corporate finance division of Barber Harrison & Platt, the largest independent firm of chartered accountants in Yorkshire and a top 55 UK firm.
The Royal Bank of Scotland Group: The RBS Group is one of the world's leading financial services companies providing a range of retail and corporate banking, financial markets, consumer finance, insurance, and wealth management services. RBS Group operates in over 50 countries across Europe, the Americas, Asia and the Middle East serving more than 40 million customers and employing more than 170,000 people. The Group’s brands include RBS, NatWest, Ulster Bank, Coutts, Citizens and many other “household name” financial services companies.
For further information please contact:
Don Gray or Louise Bright on 0114 268 1000