GCP divests Eldapoint

The transaction saw corporate finance house Lesmoir-Gordon Boyle & Co (LGB), which acted as adviser to GCP and shareholders, facilitate the deal by offering a loan note to its client network, as this was part of the consideration offered by a2e.

GCP was keen to realise its investment in Eldapoint, as it seeks to return cash to investors from its 2005 vintage GCP Fund II. Following the transaction, LGB's clients hold a debt interest in Eldapoint.

Previous funding
GCP acquired a 30% stake in Eldapoint in October 2007, in a transaction that saw management retain a 70% stake.

Company
Established in 1968, Eldapoint provides container storage, handling and repair services to shipping lines and container leasing companies. It operates through depots in Felixstowe, Southampton and Grangemouth, and is headquarterd in Merseyside. The company also manufactures bespoke portable cabins for a range of industrial applications.

People
Following the deal, Stuart Chidley will remain with the company as managing director.

Amin Amiri is founder and managing director of a2e. Garrett Curran is managing partner of GCP.

Advisers
Vendor – Hill Dickinson (Legal); Grant Thornton (Tax); Lesmoir-Gordon Boyle & Co (Corporate finance).
Equity – Shoosmiths (Legal).

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• Topics
• UK / Ireland
• Exits
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• Growth Capital Partners (aka Close Growth Capital)
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