Chelverton Asset Management has invested an undisclosed sum in Sleaford-based Fen-Bay Services, a supplier of loading bay equipment, industrial doors, gates, barriers and high speed doors that operates across the UK and Ireland.
The investment was arranged on behalf of Chelverton’s client, Hockley Capital, which has committed “substantial” funds to enable the existing management team – led by Carl Sedlan and John Aitken – to invest in the business.
Chelverton investment director, Richard Bucknell, who led the transaction on behalf of Chelverton’s client, said: “Carl and John have delivered tremendous success at Fen-Bay over recent years, exploiting their deep product knowledge and ‘can do’ approach to business, to deliver market-leading solutions to an increasing range of highly demanding retail and logistics clients. It is to their great credit that they recognised that the potential they had created would only be realised with an experienced partner on board and, in Hockley Capital, they now have a supportive investor who shares their ambition”.
Sedlan added: “The last few months has been a steep learning curve, but in spite of the potential distraction of the deal process, Fen-Bay has continued to perform, enjoying its busiest year to date. We have continued to deliver for our customers and, with the support of Chelverton and Hockley, we’re now raring to go for the next chapter in the Company’s development”.
Rich Wilkey, of Harrison Clark Rickerbys which provided legal advice, said: “We were delighted to be able to support a deal which will provide an excellent investment and enable the growth of such an innovative and dynamic business. We have worked with Chelverton for some time now and look forward to supporting them further”.