- Established in 1993, Rubicon Partners is a London based investment partnership focused on the acquisition of complex industrial businesses;
- Combined with its own equity finance, it will use the debt capital from OakNorth Bank to acquire CMD Limited, a business it had previously invested in during 2001-2008;
- Founded in Rotherham in 1984, CMD Limited is a premium British power and connectivity manufacturer;
- CMD’s existing management team, led by Jon Holding, will continue to lead the business and work alongside Rubicon to develop the business further.
OakNorth Bank, the UK bank for entrepreneurs, by entrepreneurs, has provided a business loan to Rubicon Partners, a London based investment partnership, to acquire CMD Limited, a premium British power and connectivity manufacturer.
Founded in 1984, CMD creates solutions to meet the challenges of integrating power and AV/data access for people working in offices and commercial spaces. It provides a broad product range including: underfloor powertrack and power hub power distributions systems, floor boxes, workstation power and AV/data modules to monitor arms, CPU supports, and cable management solutions that are designed to be quick and easy to install and adaptable for contractor, client and end-user. With a head office in Rotherham, South Yorkshire, CMD employs 158 people, and has won several industry awards, including the Mixology22 Awards – ‘Product of the Year – Technology and Accessories’ earlier this year. The existing management team, led by Jon Holding, will continue to lead the business and work alongside Rubicon to develop the business further.
Established in 1993, Rubicon Partners has invested in 78 UK and international companies valued between £15m-£250m to date. It is currently invested in six companies, including CMD, via its Fund V and had previously invested in CMD during 2001-2008.
Stewart Haworth, Debt Finance Director at OakNorth Bank, continued: “CMD is a strong business that has demonstrated its resilience during previous economic downturns, including the 2008 financial crisis and the COVID-19 pandemic, remaining profitable throughout. Whilst new construction is likely to decline in the next 12 months, demand for CMD’s products will remain through office renovation and refurbishments, driven in part by EPC rating enforcement and demand for hybrid working spaces. With over three decades of experience in the office power and furniture sectors., Jon Holding has been instrumental in growing the business into the market-leading company it is today. With the backing of a strong sponsor in Rubicon Partners once again, the business is well-equipped to meet future demand and continue its successful scaling strategy.”
OakNorth Bank was introduced to the transaction by FRP Advisory and received legal support from Squire Patton Boggs.
ENDS
Notes to editors
About OakNorth Bank plc
Launched in September 2015 and founded by entrepreneurs, OakNorth Bank provides fast, flexible, and accessible debt finance to the UK’s Missing Middle.
Since its launch, the bank has:
- Lent over £8.5B, directly helping with the creation of 37,000 new jobs and 27,000 new homes across the UK.
- Raised deposits from c.175,000 savers.
- Supported several hundred businesses across the UK with the debt finance to pursue their growth ambitions.
It is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
Contact
Valentina Kristensen, Director, Growth & Communications – [email protected] / [email protected] / 0757 234 9009