MSIF backs Sovex and Sterling Scaffolding

Merseyside Special Investment Fund (MSIF) Mezzanine Fund has made two investments. The fund has injected £400,000 in parcel handling machinery specialist Sovex Ltd and £350,000 into scaffolding business Sterling Scaffolding Services Ltd. Sovex Ltd, based in Prenton, designs, manufactures and installs vehicle loading systems and conveyors to customers in the UK and Europe. Advisers on the deal included Jonathan Radcliffe of DLA Piper with Langtons providing financial due diligence.

The investment in Sterling Scaffolding Services was in support of a £1m buyout. Sterling Scaffolding Services Ltd was set up in 1987 and is based in Birkenhead. It is a specialist in the erection, hire and sale of scaffolding equipment, primarily to customers in the new housing market. Turnover is expected to reach £2m in 2008. Advisers to the deal included Brabners Chaffe Street, Langtons and Guy Williams Layton.

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