ABI Caravans to grow even bigger
ABI, the Yorkshire based caravan manufacturer is set to increase it’s market share following a £30m management buyout.
Barclays Corporate in East Yorkshire has provided combined senior debt and working capital facilities of £30m for ABI (UK) Group to support its growth plans. LGV Capital has invested a majority stake in the business alongside the existing management team. The deal provides an exit for Barclays Ventures.
ABI Caravans, which is based in Beverley, East Yorkshire, manufactures caravan holiday homes, with a strong focus on the UK holiday parks market. Currently, the business employs around 300 people.
Jon Hunter, Barclays corporate relationship director, said yesterday: “Barclays is delighted to continue its support of ABI during an important time for manufacturing in the UK.
“This is a great example of a strong management team driving their business forward in challenging times, supported throughout by a strong bank.”
Wayne Hiley, the head of debt finance in the North at Barclays Corporate, said: ”This transaction provides a foundation for growth for ABI to leverage its existing expertise with a new partner going forward.
“We are very pleased to back our existing relationships with both ABI and LGV through the provision of a thoughtfully structured financing package.”
Private equity firm LGV Capital, which operates in the UK mid-market, is part of the Legal & General Group.
LGV makes investments in sectors such as leisure, consumer, healthcare and services. LGV has been particularly active in the consumer and leisure sector in recent years.
Investments it has made include those in companies such as Vue Cinemas, The Club Company, Tragus, South Lakeland Caravans, The Liberation Group, Snow+Rock and Amber Taverns.