Penarth-headquartered accountancy and business advisory firm Evans Entwistle has secured a £450,000 funding facility from ThinCats to support the acquisition of Bristol-based SBMC Business Management Limited. The client was introduced to ThinCats by Lime Corporate Finance.
“This is a great deal for everyone concerned and yet is one that, once again, the traditional banks have struggled with. Both businesses are strong and profitable, with good combined historical and forecast EBITDA generation and we are delighted to support this acquisition with a flexibly tailored deal structure,” opined ThinCats Business Originator, South West & South Wales John Sharpe. “In many ways, this transaction represents what ThinCats does best, working as a cohesive unit with the client and their advisers to achieve their strategic objectives with certainty.”
Evans Entwistle, a practice of CIMA Chartered Management Accountants and business advisors delivering accounting, tax, payroll, corporate finance and consulting services, was established in 2004; the team has experience across diverse industry sectors – including public, private and not-for-profit/charitable organizations – and across all business sizes, from FTSE 100 companies to SMEs.
“We have enjoyed strong organic growth as a practice. However, expansion has been on our mind for a while and when we were presented with the opportunity to acquire SBMC Business Management, we could immediately see the synergies in terms of the combined client base, the dynamics of our services and value propositions,” noted Evans Entwistle Partner Damian Evans. “Not only does SBMC have a profile broadly similar to our own, it is also based in a location with a strong, vibrant and flourishing business community.”
SBMC Business Management Limited, a firm of accountants and business support providers with extensive local knowledge of businesses in the Bristol area and specialist sectoral expertise, spanning construction, property development and automotive industries, said said that its existing principals will stay in the business for up to 12 months to ensure a smooth transition.