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Rygor Group Ltd. (Rygor) a multi-franchise commercial vehicle Dealer group (which includes Mercedes-Benz Trucks and Vans) has been acquired in a management buyout, with backing from Shawbrook, via an eight-figure funding package.
With sites located from the South-West of England, throughout the M5 and M4 corridors and up to the North-West, Rygor is the UK’s largest Mercedes Benz commercial franchise partner and has been operating since 1961. The MBO team required a comprehensive funding solution to support its strategy to purchase the business from the outgoing shareholders.
Shawbrook was selected based on the team’s understanding of the market and its ability to provide a flexible, tailored solution for the client. This included a structured, hybrid facility to enable the transaction and support the ongoing working capital requirements.
The funding provides the Group with the required day-one finance to complete the MBO, including refinancing existing debts, and on-going working capital funding for the business. The solution encompasses cash flow finance, and asset-based funding against property and receivable security.
- John Keogh, Managing Director at Rygor
John Keogh, Managing Director at Rygor commented:
“We’ve been in discussions with Shawbrook for an extended period, throughout which we’ve developed a great relationship with the team. They took the time to understand our business and our immediate and long-term goals, which enabled them to structure a facility that met our specific needs.
“We are delighted to have been able to complete the transaction and take the business forward under the change of ownership,”
Rish Channa, Commercial Director at Rygor Group Ltd. said:
“The Rygor business has gone from strength to strength over the past 12 months and this MBO will no doubt see myself, and our new board of directors be able to take the company even further. The support of Shawbrook has been integral to us getting to this very exciting point and we greatly look forward to what the future holds for the Rygor business.”
Steven Munt, Senior Director at Shawbrook, said: “Rygor is a market leader within its sector, with an excellent customer base and superb aftersales service division, which has allowed the company to be resilient throughout the pandemic and maintain strong performance, despite supply chain disruption.
“This deal will allow Rygor to continue its success, unlocking new opportunities, especially in the electric market, as supply returns to pre-pandemic levels and clients look to invest in new fleet vehicles. We’re delighted that we are able to support Rygor to complete this complex transaction.”
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