A multi-million pound management buyout (MBO) backed by Thincats, the alternative lender to mid-sized SMEs, has taken place at Yorkshire-based specialist Recycling & Haulage Contractor, Robinson Contract Services Ltd.
Robinson Contract Services (RCS), based in Brandesburton, near Driffield, was founded by Cliff Robinson in 1942. The business employs approximately 60 staff.
Utilising a fleet of tipper vehicles, RCS manages Yorkshire Water’s sewage sludge and recycles c.350,000 tonnes of biosolids to agriculture each year.
The Business has remained under the ownership of the Robinson family since inception and for the last 12 years by the third generation, Julia Robinson. The deal enables the management team, Craig Stainforth and Emma Marsland, to become majority shareholders with Julia Robinson continuing to hold a share in the business.
The deal was led by Ben Peacock and Tom Kaye of Park Place Corporate Finance who advised the group on structuring, funding and delivering the MBO. Ben Kimball headed the team at ThinCats who were advised by Paddy Sturman of Irwin Mitchell. Richard Skewis and Phil Silvester of Sowerby FRS provided accounting support services to the company. Mark Daubney of Bridge McFarland provided legal advice to the vendor.
The management team were advised by Mike Stocks of Smailes Goldie and Nigel Beckwith of Gosschalks who provided support to Craig and Emma throughout.
Julia Robinson, Managing Director of RCS, said: “Craig and Emma are long serving members of the team and under their stewardship and ownership will retain the Robinson ethos and values that have underpinned the business since the beginning. They are an experienced team at the helm and will guide the company on the next phase of the journey and I wish them every success in the future.”
Craig Stainforth, Director and Emma Marsland, Director, added: “We are delighted to have completed the MBO and to become shareholders in the business that we have served for a number of years. We are excited by the opportunity to build upon what is already an excellent business. Our aim is to build on our existing strengths and utilise the specialist work force we are lucky to have.”
Ben Peacock, Director, Park Place Corporate Finance, said: “We are delighted to have helped structure and deliver the MBO for RCS. It’s a credit to Julia and the ongoing management team that they have put the building blocks in place over a number of years to enable a smooth and successful transition of the business to the next phase.”
Ben Kimball, Director, Regional Business Development, ThinCats, said: “It was a pleasure to get to know the team at RCS and to support them with the funding for this MBO. They have an impressive set-up, and I am sure that they will be successful with their ongoing development plans.”