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  • Buyouts

UK - Glitnir backs BIMBO of TruckEast with integrated finance package

  • sarah
  • 12 April 2007
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Glitnir has supported the BIMBO of Scania dealer TruckEast Ltd with an integrated finance package in a deal worth over £10m. Glitnir, a Nordic investment bank, offered a fully integrated finance solution providing both the debt and equity funding as a single package. The management team own the majority of the equity, and Glitnir IF takes a minority stake.

TruckEast is a commercial vehicle dealer offering a range of services including service, maintenance, accident repair, paintshop, specialist and tail-lift division and approved MOT testing and Tachograph centres. In 2006, the business reported a turnover of £65m and an operating profit of £1.2m. It operates from 12 dealer points across the East of England.
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