A funding deal put together by Cleckheaton-based ABL Business has enabled Ignite Capital to purchase the first investment in a portfolio, by acquiring Bristol-based manufacturer and wholesaler Albert E James and Son Ltd.
ABL Business structured a full asset based lending package from funder IGF group to support the seven figure purchase of the company.
Established in 1962, Albert E James and Son manufactures and markets bird feeds that have been developed to match the nutritional requirements of particular birds and breeds.
The range includes corn feed that has been designed to optimise the performance of racing pigeons. The company operates under two brands, Country Wide and Willsbridge Leeds-based Ignite Capital was formed in 2017 by managing director Paul Thompson.
Management buy-in candidate Joe Mogg invested alongside Ignite as part of the transaction and is now responsible for the day-to-day running of the specialist bird feed manufacturer as managing director.
Joint managing director of ABL Business Andy Redman said: “Albert E James and Son is a successful business with much potential for the future, so we were delighted to be able to support Ignite Capital to complete the purchase, ensuring that it can now go on to be developed to even greater heights.”
Managing director of Ignite Capital Paul Thompson said: “ABL Business were quick to recognise the potential of the business and were able to identify a selection of potential funders to support the transaction.
“Now the acquisition is complete, we look forward to developing and growing the business.”