Employee Ownership Trust
Trade sale
Project Clear
Project Gum
“ It was great to assist the shareholders of Project Clear with the sale of shares to an Employee Ownership Trust. The structure of the transaction, and specifically the introduction of new debt facilities, meant all parties needed to work rapidly to implement the transaction prior to the Autumn budget. Project Clear is a specialist glazing company located in London and the South of England which designs, manufactures and installs specialist products for high-value residential dwellings. The business employs over 60 staff and has turnover of £14m. We were engaged to review options for the shareholders and to advise on the most appropriate exit route to ensure the continued success of the business. Having initially advised on a range of options from trade sale to management buyout and EOT, the shareholders chose to pursue the EOT route. We provided share valuation, tax advice and general Corporate Finance expertise to the Shareholders, and worked with their existing accountants, legal advisers and bankers to implement the transaction, enhancing the cash available at completion with bank debt. Advisers to the shareholders on exit options leading to the completion of an EOT transaction with day one funding, enhanced by bank debt.
Project Gum was established in 1991, and specialises in the development and manufacturing of a wide range of industrial adhesives from its dedicated facilities based in Essex. The business has built a UK wide reputation for high quality solutions and services across numerous industries. Our Corporate Finance team advised Gum on its sale to Belgium headquartered Gluecom, who is a leading European adhesive manufacturer. Gum has established credentials nationwide which are complementary to Gluecom’s continued growth strategy in the UK. The deal represents an exciting next stage for the business as well as the opportunity for the shareholders to the exit the business after over 30 years of ownership. Advisers to the shareholders of Project Gum on a successful sale to a leading international buyer.
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We thank Ryan and the team at FRP for their diligent and expert support throughout the sales process to facilitate an efficient process with a successful outcome for the shareholders.
Managing Director Project Gum
Chris Adlam FRP Corporate Finance
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