Open Date

Introduction

Since the ’70s, Open Date Equipment have made their mark with advanced printing for packaging and labels. Open Date is based in the U.K., with operations in the U.S., Germany and France, and agents internationally. The firm’s success prompted an acquisition offer from respected U.K. private equity firm, The Buffalo Group.

Challenge

To fund the purchase, The Buffalo Group wanted to borrow against Open Date’s business and secure a separate term loan. However, U.K. lenders balked at Open Date’s global collateral. Meanwhile, The Buffalo Group wanted to close before the end of that year. Determined to make this deal, The Buffalo Group approached FGI Finance.

Solution

FGI’s team relentlessly performed due diligence on Open Date’s operations in four countries, which spanned several time zones. As a result of this extraordinary effort, financing was arranged before the end of the year and the deal closed on the last day U.K. businesses were open before the holidays. In addition, FGI had to negotiate with the Buffalo Group and the existing shareholders since they are still holding vendor note.

Results

The Buffalo Group already owned thriving engineering and manufacturing firms, and was eager to expand into printing systems, where Open Date had excelled for decades. By partnering with FGI, they were able to complete a vital and strategic acquisition with attractive terms.