Crédit Agricole Commercial Finance Funds Solid MBO Deal

Ownership of one of the UK's largest suppliers of natural stone has changed hands in a significant Management Buy Out deal, funded with the support of Crédit Agricole Commercial Finance.

The Chesterfield based Realstone Group is one of the largest suppliers, processors and quarriers of natural stone in the UK. Realstone Ltd has three production sites and their sister company Blockstone Ltd operates eight quarries.

The Group has supplied stone to many high profile projects across the globe, including St Andrews University, the renovation of St Pancras Station, the Performing Arts Centre, Toronto, the Cathedral of Immaculate Conception restoration in New York State, the New BBC HQ in Glasgow and the City of Edinburgh HQ at Waverley.

The management team purchased the Group with the support of a working capital facility delivered by Crédit Agricole Commercial Finance, combined with a package from the companies current bankers. Castle Square Corporate Finance acted as advisors to the management team on this transaction. Leeds business lawyers, JB Law, advised Crédit Agricole Commercial Finance.

Andrew Ward from the Leeds office of Crédit Agricole Commercial Finance, who structured and delivered the working capital facility, comments: "With such high quality products and progressive plans for the future, the management team is in an excellent position going forward. Groups such as Realstone will be crucial to the future growth of the economy as well as the recovery of the construction industry, and we are delighted to support them by providing a flexible funding solution that will grow with their business."

Andrew Gregory said, "Established originally over 50 years ago by David Gregory, as a Gregory continuing in the business I am delighted to be part of the new MBO team dedicated to the company's continued success. Realstone Ltd and Blockstone Ltd pride ourselves in offering both block, slab and finished building stone to the highest standards for use in maintaining old and creating new stone buildings across Britain and beyond. On behalf of the family I would like to thank all the MBO team and employees who have worked in the business for many years for their dedication and wish all continued success in the future."