Bay Tree Private Equity LLP – Press Release
29 March 2023
Bay Tree Private Equity has backed the management buyout of Hawco Limited, a specialist supplier of components for commercial refrigeration, air-conditioning, vending and industrial markets, from Diploma plc. In addition, it provides technical services to engineers, designers and procurement managers.
Martin Butler, Managing Director of Hawco Limited, said: “This is an incredibly exciting time and a huge opportunity for the business. Bay Tree’s capital and expertise will bring the tools needed to build further on the value-add services we offer and expand on the success of our international sales”.
Bay Tree Partner Michael Simmonds, adds “We are delighted to be supporting Martin and his team to complete the management buyout of Hawco. We have been impressed by Hawco’s depth of technical support for customers and by its strength in supplier relationships. Its resilience was proved during lockdown and with access to funding we believe it can build on this strong foundation, with both organic and acquisition growth strategies”.
Michael Simmonds and Ed Cottrell will be appointed to the Board. In addition, Bay Tree have appointed Duncan Wilkes as Chairman. Bay Tree Partner Ed Cottrell adds, “We are delighted to have Duncan on board as Chairman, we have been impressed with Duncan’s contribution at our existing investment, Prime Light, a commercial lighting component distributor. Duncan is an effective mentor, understands the supply chain and distribution channel and has great international experience.”
Established in 1973, the acquisition coincides with Hawco celebrating 50 years of trading.
Bay Tree was supported with debt advisory from FRP Corporate Finance and debt from Triple Point Private Credit.
Bay Tree was advised by Stephen Kilshaw at CMS Cameron McKenna Nabarrro Olswang LLP.
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