After 12 years as a manager with True Blue Chemicals, Shane Leigh and his business partner Paul McGregor were given the opportunity to buy the business. Whilst they were able to raise the capital required to effect the acquisition, finding the working capital to fund stock holdings in excess of A$1M, with no additional security to offer was a big challenge.
There was also a three week deadline to settle the transaction. The vendors were funding the business via a debtor finance facility with one of the majors and suggested an introduction, but the bank indicated that the timeframe was too tight. It was at this point that Scottish Pacific was recommended and committed to having the funding in place in time, thus ensuring that the newly acquired business would have the required working capital and the opportunity would not be missed.
Two years on, following the successful acquisitions of two more inter-state businesses, both funded by Scottish Pacific, TBC Distribution continues to grow and the owners couldn’t be more delighted.
“We chose Scottish Pacific because we were confident in their ability to meet the settlement deadline. We wouldn’t have been able to buy the business and grow it without them. I wouldn’t change a thing”.