Spicer Hallfield, the Bucks-based manufacturer of photographic albums and frames, has been acquired through a management buy-in/buy-out.
Funding was provided by invoice and asset-based financier Venture Finance PLC. Venture’s structured finance division is supplying Spicer Hallfield with a combination of flexible funding solutions including finance against the value of its stock and machinery, and a cash flow facility.
Venture will also provide confidential invoice discounting, which uses the value of outstanding invoices to release ongoing working capital back into the business.
The existing management team will remain in place, bolstered by new executive chairman, Michael Smith. The new executive chairman has held senior positions in both private and listed companies including nine years as chief executive of API Group, a major supplier to Spicer Hallfield, which led to his first connections with the company
