AFM gives support to Greenberg acquisition

Alliance Fund Managers (AFM) has, through its MSIF Mezzanine Fund, provided a £250,000 mezzanine loan to support glass supplier GG Glass & Glazing in the acquisition of the assets of Greenberg Glass, in a deal worth £400,000. HSBC supplied a £100,000 senior debt package, while the directors provided the remaining £50,000 in the form of equity.

Greenberg Glass went into administration in autumn 2008. The assets acquired include two factories and the former head office in Liverpool, which will become the new base of GG Glass & Glazing. The company was formed in February 2008 by two former directors of Greenberg Glass, who left the company two years previously. In the two months before the announcement, GG Glass & Glazing turned over £1m and is projecting a turnover of £4m in 2009.

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