Investment Case Studies
Greybull bought Tata Steel’s European Long Products Division in June 2016, saving more than 4400 jobs in the UK and 400 in France. The business was renamed British Steel. Greybull provided significant capital to the business and arranged a financing package of over £400 million.
Working in partnership with the management team and employees, Greybull backed a turnaround of the business which transformed British Steel from being loss-making division in 2016 to a profitable standalone company in 2017. Since its relaunch, British Steel has hired over 1000 new employees and apprentices, completed its first acquisition by buying FN Steel in the Netherlands and spent over £75 million on capital expenditure.
Employees share in the success of British Steel through the profit and share ownership schemes which Greybull has created.
The Monarch Group
Greybull rescued The Monarch Group in October 2014. The Group comprised Monarch Airlines, Monarch Aircraft Engineering and Cosmos, a tour operator. Under Greybull’s ownership, the Group received over £250 million of capital to support the turnaround of the business, which employed over 2500 people in the European commercial aviation and travel sector.
The airline was returned to profitability and kept flying for 3 years longer than if had Greybull not rescued it. The turnaround of the airline was ultimately unsuccessful given the significant turbulence created by unprecedented terrorism and other macroeconomic events. Greybull supported Monarch Aircraft Engineering Limited (MAEL) after the airline went into administration, including providing financing to facilitate the transfer of some of its activities to other industry players.
Arc Specialist Engineering
Greybull bought Metalrax in a public to private transaction and relaunched the firm as Arc Specialist Engineering in March 2013. The acquisition helped secure not only a future for the business but also the jobs of over 400 employees.
During Greybull’s ownership, Arc became a profitable cash generative business and made several strategic acquisitions to grow the Group. Following the successful turnaround and many years of profitable trading, Arc was acquired in 2017 by its management team, backed by private equity.