Dundee-based corporate finance house, DC Consulting, has successfully concluded the Buy In Management Buy Out (BIMBO) of Double D Bakery Engineering for client, the Bonspiel Group.
The substantial seven-figure deal also includes three board appointments to Double D: Bob Petrie as managing, John Craig of DC Consulting as finance director, and Steve Bruce in a non-executive role.
DC Consulting initiated the transaction, devised an innovative funding structure and head hunted Bob Petrie from financial solutions provider NCR, to lead the Buy-In team. Bob has held a number of senior roles within NCR in China, Brazil and the US.
“The Bonspiel Group is an ambitious and forward-thinking business with a clear vision of its future,” says John Craig, director of DC Consulting and Double D. “We have worked closely with its management team as they have driven forward Bonspiel Engineering in Dundee, and we are delighted to have played a central role in concluding this deal.”
Double D Food Engineering, an Edinburgh-based custom designer and manufacturer of a range of ovens, cookers and char grilling units, is the first acquisition by the Bonspiel Group since a Management Buy In/Buy Out (BIMBO) at the Group – also steered through by DC Consulting – two years ago.
Steve Bruce of the Bonspiel Group commented:
“DC Consulting’s pivotal role in this acquisition reflects the close relationship we have forged with the team there. Their professionalism and high level understanding of all the issues surrounding deals of this nature make them outstanding advisors, who have gone the extra mile to bring this deal together successfully.”
Double D, which designs and manufactures at its plant near Edinburgh, has a 70-strong workforce. Founding directors of Double D, David Denholm, David Taylor and Douglas Jackson, will gradually wind down their involvement in the business over the next six to nine months. The three men co-founded Double D in 1978 with four other engineers, building a global manufacturing business.
DC Consulting specialises in corporate finance and strategic business advice in Scotland. Headed by a board of four directors, it is a fast-growing corporate finance adviser, providing innovative financial solutions for established and pre-revenue businesses.
John Craig commented:
“We believe that the key to our success both in terms of our private equity clients and in our mergers and acquisitions activity is our ability to develop the most appropriate funding model. We draw on our extensive experience of both public sector grants and debt funding from the various financial institutions to leverage private equity funding and work with our clients to engineer the right finance package for their circumstances.”
Issued on behalf of DC Consulting by Eileen Prior, Prior PR. For further information contact Eileen on
01721 729322, 07802 180 412 or eileen@priorpr.co.uk
www.dcconsult.co.uk
www.double-d.co.uk
About Bob Petrie
Bob Petrie graduated with a BSc in integrated engineering and manufacturing from the University of Abertay in Dundee, where he also gained a Postgraduate Diploma in Management Studies. He joined NCR in Dundee in 1986 as an apprentice, progressing to technician, engineer and senior engineer roles. He went on to work in NCR’s Beijing operation and also supported the Greater China Area Sales team in driving improvements in Customer Satisfaction. In 2003, he moved to Sao Paulo, Brazil, returning to NCR in Dundee the following year where. Most recently, he managed NCR’s ATM manufacturing operation in Dallas, Texas following the successful acquisition of a Dallas based competitor.
About Double D Food Engineering
Double D Food Engineering was founded in 1978 and has grown to become one of the leading UK manufacturers of ovens, provers and retarder provers for the baking industry, and cookers for the further processing of meat, poultry, fish and vegetables. The Company operates from a 40,000 square foot factory based in Broxburn, just west of Edinburgh, Scotland.