By Ian McConnell
A MANAGEMENT buy-in at Scottish shipping container firm RF Brown – a deal led by plant-hire veteran Angus Barraclough – has been backed by a £2.35 million investment from fund manager Foresight.
The business, based in Lanarkshire, has been sold by Bobby and Janette Brown. The price was not disclosed.
The vendors said: “The business has been our life’s work for the last 30 years and it was important we left the business in good hands. We were impressed with Barraclough’s professional approach, experience and plans to grow the business. We are looking forward to working with him through the transition.”
RF Brown was founded in 1987. It acquires and repurposes used shipping containers which are then hired out on a long-term basis or sold to commercial customers.
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Infrastructure and private equity fund manager Foresight Group said RF Brown “has developed a strong, profitable operating model and robust customer base, presenting a clear opportunity for a strong management buy-in team to take the business through its next phase of growth.”
Foresight added: “With demand for short-term flexible storage solutions increasing due to Covid-19 and Brexit challenges, the company is well positioned to increase its market share and capitalise on the opportunity.”
It noted incoming managing director Mr Barraclough had spent 20 years working in the equipment and plant hire sector, and had been part of the team which spun out Brandon Hire Group from Wolseley. Mr Barraclough will be supported at RF Brown by Ken Lewandowski, who joins as non-executive chairman. Mr Lewandowski was a non-executive director at Jarvie Plant Hire.
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Mr Barraclough said: “I am delighted to have partnered with Foresight to acquire RF Brown. This is a great family-run company that has been highly successful in developing a profitable, sustainable business supplying customers from retail, infrastructure, building services and construction sectors.”
Graeme Mckinstry, investment manager at Foresight, said: “We are delighted to support Angus and the wider team at RF Brown as they target a significant market opportunity. We have been impressed by the strong track record of profitable growth demonstrated by the Company and look forward to supporting the Company as it seeks to increase market share substantially.”
Foresight has £6.8 billion of assets under management.
The vendors were advised by Scottish law firm Shepherd & Wedderburn. Sharles was their financial adviser.
Scottish law firm Burness Paull provided legal advice to the incoming management.
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