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Beringea backs MBO of The Vending Corporation

Article Date:  Aug 28 2007

Beringea has invested £2 million through its ProVen and ProVen Growth & Income VCTs to fund the management buy-out (MBO) of The Vending Corporation, a distributor of vending machines. The company was acquired from Terry Bingham, who founded the business 30 years ago.

Alan Cooper, who has been MD of the company since 2000, led the MBO team along with Nick Bingham, the marketing director and son of the founder. They will be joined by a non-executive chairman, Lindsay Copland, who was previously a regional managing director for Tyco Fire and Integrated Solutions.

Beringea’s MD Stuart Veale headed the transaction and has joined The Vending Corporation’s board. Debt finance for the transaction was provided by NatWest and RBS Invoice Finance.

The Vending Corporation says it’s aiming for significant growth over the next three years and intends to expand its European operations.

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