Wernick Group (Holdings) Limited, the modular and portable
building manufacturer, has completed the acquisition of its
long-standing targets - Oxfordshire's Rovacabin and Eventlink,
based in Coventry - thanks to funding led by The Royal Bank of
Scotland's (RBS) Midlands Structured Finance Team.
Wernick Group is the largest independent hirer and manufacturer
of modular and portable buildings in Britain, with 28 hire depots,
six divisional sales offices and two specialist event hire depots.
The business has been both family-owned and managed since it was
started more than 70 years ago.
The RBS funding helped to fund the acquisitions of Rovacabin, a
national cabin hire business with a hire fleet of nearly 4,000
cabins, and Eventlink, the Coventry located provider of temporary
stadia seating to the events industry.
The funding was led by the Midlands Structured Finance Team at
RBS who Wernick have banked with since its inception, combining
senior debt and separate asset based finance from Lombard. The
company employs over 440 people and has experienced strong organic
and acquisition-led growth over the past 10 years. The acquisition
of Rovacabin consolidates Wernick's position as the third largest
operator in the sector.
David Wernick, Chief Executive, Wernick Group Limited, said:
"Relationships are key to the success of our business and RBS have
constantly proved themselves to be a supportive partner. We are
delighted to have received their backing for the acquisition of
Rovacabin and Eventlink, which we have pursued for a long time.
This will significantly strengthen our market position."
Ben Dawson, Assistant Director, RBS Structured Finance, said:
"We have enjoyed a long and very successful track record with
Wernick and are delighted to be able to be able to support what we
see as excellent acquisitions for the group. We are happy to have
provided a tailored funding solution and are looking forward to
being part of Wernick's on-going development and growth."