CastleMill makes debut investment in Manor Energy

CastleMill makes investments in companies with a turnover of up to £25m and EBITDA of up to £5m. Equity cheques range from £1-10m for companies based in the UK. The fund is currently operating on a deal-by-deal basis, but expects to raise a fund in the future.

Rob Asplin, CastleMill's managing director, said: "We'll consider raising an institutional fund, but are presently comfortable with the backing of professional investors and family offices. We are building the pipeline on the back of a consistent message and offering."

The acquisition facilitated the exit for one shareholder, but the new investors have partnered with the other founders to grow the business. The company plans to invest in all aspect of its business, but particularly its operations and maintenance division.

Shawbrook Bank provided senior structured debt for the acquisition. The structure incorporates both amortising and bullet elements together with a revolving credit facility.

Company
Based in Portland, Dorset, Manor Energy Group provides power and engineering services to the offshore windfarm industry through Manor Renewable Energy, founded in 2013, as well as vessel construction and maintenance services through Manor Marine, which began trading in 1991. The company employs 50 people.

People
CastleMill Private Equity – Rob Asplin, Conrad Lee (managing directors).

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• Topics
• Buyouts
• UK / Ireland
• Industrials
• United Kingdom
• Shawbrook Bank