Bank of Ireland supports Melrose Industries plc in its £8.1bn acquisition of GKN plc
Bank of Ireland’s Industrials team has participated in the £4.5bn acquisition facilities provided to Melrose Industries plc (‘Melrose’) supporting the group’s acquisition of GKN plc.
Melrose is a UK listed company, which buys, improves and then sells manufacturing businesses. The Group has an exceptional track record of buying businesses, which have not performed to their full potential, supporting management with a clear strategy and targeted investment. At the appropriate time, it then sells the business and returns value to shareholders. GKN is a global leader in the design and manufacture of automobile and aerospace systems, employing c.58k people in more than 30 countries.
Commenting on the transaction, Andy Morris, Head of Industrials at Bank of Ireland said: “We are delighted to be able to support Melrose, which has an extraordinary history of improving the processes and margins of businesses purchased. Both Melrose and GKN are leading names in the Industrials sector, and we look forward to supporting the combined group, which will be a formidable operator and a credit to UK industry.”
This sentiment was echoed by Garry Barnes, Group Treasurer of Melrose, who said: “We are pleased with the strong support from our relationship banks, including Bank of Ireland. The new facility strengthens and extends the group’s financing arrangements, underpinning our ability to pursue our strategy.”Meet your team