MVC backs buyout of Gibdock with £28m

Investec Growth and Acquisition Finance made a minority equity investment alongside MVC.

Debt
A senior and mezzanine facility was provided by Investec.

Company
Gibdock operates the former Royal Navy-owned dry dockyard in Gibraltar. The firm provides shipyard services to ship owners and operators. Furthermore, it offers comprehensive repair, maintenance and conversion facilities. The business was sold by the Royal Navy in the early 1990s and employs around 200 members of staff.

People
Chris Sullivan is managing director at MVC. James Stirling and John Clifford worked on the deal for Investec.

Advisers
Equity – Weightmans (Legal); Deloitte (Financial due diligence).
Debt – Macfarlanes, Andrew Perkins (Legal).

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