SWP Group completes AIM de-listing with HSBC support

  • HSBC part-funds £18m public-to-private buyout to enable AIM de-listing
  • International engineering group includes Telford-based ULVA

International industrial engineering business SWP Group has been acquired for £18 million, with HSBC’s Corporate Banking team in Birmingham partially funding the deal.

SWP has been acquired by Friars, a newly-created management-backed company backed by a number of the SWP directors, including: Alan Walker, Colin Stott, David Pett and Martin Bell. The move will enable SWP Group to de-list from the Alternative Investment Market (AIM).

Colin Stott, Managing Director at SWP Group, commented:

“As a private company, SWP will be better able to manage the challenges associated with transacting a small number of large projects. HSBC’s support has been fundamental and we look forward to working with them as we pursue our growth plans.”

Markus Keller, Area Director for Corporate Banking in Birmingham, added:

“Our international footprint fits neatly with SWP’s international presence, meaning we can provide both the connections and insights which will support the business’s continued development abroad.
This deal is a great example of the support we’re able to provide to businesses in the region, helping rebalance the UK economy outside of London and connect businesses to international markets.”

SWP Group designs, manufactures and installs a range of industrial engineered products and systems, serving international markets in the Oil, Gas and Petrochemical, Construction and Water Utilities sectors.

The Group is best known for brands such as ULVA Insulation Systems and Fullflow Group. ULVA provides non-metallic cladding to prevent corrosion under insulation of pipework whilst Fullflow offers world leading expertise in the management of rainwater on large roofs through syphonic drainage.

A syphonic system is a system that sucks or syphons water from a roof down into a drain at high velocity.

Based out of Telford, ULVA will launch a new product line in January 2016, which will be manufactured out of its new Wednesbury manufacturing plant. In a separate deal, an overdraft loan provided by HSBC will provide the Group with the working capital needed to launch its new product line and expand its international presence.

The funding was arranged for Friars by HSBC Relationship Director, Richard Newman.

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