Mosaic et al. invest in Woodall Nicholson

Karin Wasteson
19 July 2013

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Mosaic Private Equity, RooGreen Ventures and Enterprise Ventures have invested in Woodall Nicholson Group, a UK coach-building business.

The deal was supported by a finance package including senior debt and working capital facilities arranged by Paul Thomas and Steve Alcock at the company's incumbent bankers, NatWest.

As part of the deal, Geoff Hudson, who has been with the business for more than 30 years and is currently group sales director, will become the managing director.

The principals and investors Brian Davidson, Paul Newton, Mike Rogan, Jonathan Diggines and Warwick Ley also worked together on the acquisition of Scarborough-based Plaxton Coachbuilders in 2004.

Company
Woodall Nicholson, which includes Coleman Milne, Mellor Coachcraft and Mellor Vancraft, manufactures and sells funeral vehicles, buses and specialist vehicles for the emergency services. Its history dates back to the 1820s when its major activity was building horse-drawn hansom cabs and carriages.

The company has a turnover of £24m and employs 180 people at its factories in Westhoughton and Rochdale.

People
Paul Newton and Mike Rogan led the deal on behalf of Mosaic. Brian Davidson of RooGreen will become chairman of the group, while Paul Newton and Mike Rogan of Mosaic and Warwick Ley of RooGreen will join the board as non-executive directors.

Investment director Wayne Thomas led the deal on behalf of Enterprise. Jonathan Diggines is the managing director of Enterprise.

Dan Jackson, formerly corporate finance partner at Langton's Chartered Accountants is also joining the management team, as group finance director.

Advisers
Vendor – RSM Tenon, John Daly, Stephen Green (Financial due diligence); JMW Solicitors, Chris Moss (Legal).
Equity – DWF, Jonathan Robinson (Legal).
Equity (Enterprise Ventures) – Pinsents, Tim Fearn, Andy Phillips (Legal).
Debt – Pannone, Rob Fawke (Legal).