Connection invests £5.4m in Clamason MBO

The business is currently in the process of doubling the size of its manufacturing facility in Slovakia and will look to ramp up production following a recent increase in orders, Connection said in a statement. It will also look to diversify the range of sectors it supplies to.

The GP said the company's Slovakian facility meant it was "in a good position to withstand the risks thrown up by uncertainty over Britain's forthcoming exit from the EU".

As part of the deal, Clamason finance director Neil Geoghegan has been promoted to the role of managing director and CEO, according to his LinkedIn profile. He will take a seat on the company board alongside sales director Ian Davies, supply chain director Steven Davenport and operations director Paul Edwards, according to publicly available documents.

Debt
The deal also includes the provision by Connection of a loan with a five-year bullet repayment. The loan will provide investors with a current yield of 6%, rising to 8% after two years, Connection said in a statement.

Company
Founded in 1947 and headquartered in Kingswinford, near Birmingham, Clamason produces precision metal pressings for use in the automotive, medical, home fittings and homeware sectors. Its clients include Delphi, Bosch, Siemens, Volkswagen, Nissan, Ferrari and General Motors.

The business has an additional manufacturing facility in Slovakia and a total headcount of 200. In the year ending December 2015, the business generated a turnover of £17.5m, according to publicly available records, with operating profits of £1.3m. However, Connection said in a statement the company now generates a turnover of more than £20m.

People
Connection Capital – Bernard Dale (partner).
Clamason Industries – Neil Geoghegan (managing director, CEO).

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