Essex-based Wernick Group (Holdings) Limited, the modular and portable building manufacturer, has expanded its business with the purchase of 3,400 cabins funded by a £12m financing package from The Royal Bank of Scotland’s (RBS) Midlands Structured Finance Corporates Team.
Wernick Group is the largest independent hirer and manufacturer of modular and portable buildings in Britain, with 30 hire depots, five divisional sales offices and two specialist event hire depots. The business has been family-owned and managed since it was founded nearly 80 years ago and now employs over 480 people.
The term loan and asset finance package agreed with RBS has allowed Wernick to significantly expand its stock of over 30,000 units. The purchase has been made from Kier, the construction, services and property group, with whom Wernick have entered into a supply agreement to provide ongoing availability of the assets.
Wernick Group has experienced strong organic and acquisition-led growth over the past 10 years supported by RBS, with whom the Group has banked since its inception. This latest acquisition follows the successful acquisition in July 2011 of Rovacabin, a national cabin hire business with a hire fleet of nearly 4,000 cabins and Eventlink, a provider of temporary stadia seating to the events industry.
David Wernick, chief executive, Wernick Group Limited, said: "We are delighted to announce this acquisition and our new partnership with Kier, which has once again been delivered with the support of RBS. Relationships are key to the success of our business and RBS have constantly proved themselves to be a supportive partner."
Ben Dawson, associate director, RBS Structured Finance Corporates, said: "RBS is once again delighted to work with and support the management of Wernick Group in securing another strategically important acquisition. Despite challenging market conditions Wenick continue to successfully invest in growth, with this latest deal further enhancing their position as a leading player in their markets."
