Allied Irish Bank funding supports MBO deal for filter cage manufacturer

Greater Manchester firm Modern Air Systems Ltd has undergone a management buyout (MBO) with funding support from Allied Irish Bank (GB).

The deal, led by managing director Vas Mistry, will see the company move forward as Hilson Filtration Products Ltd.

To assist the MBO, Allied Irish Bank provided a term loan and an invoice discounting line.

Hilson Filtration Products employs a team of 18 and has a turnover of £1.6m. The company designs and manufactures filter cages for original equipment manufacturers and end-user markets in the UK and overseas, operating from a 25,000 sq ft facility in Ashton-under-Lyne.

Vas Mistry said: “I am delighted to acquire ownership of Modern Air Systems where I have worked as managing director for six years.

“We are one of the market leaders in our sector and I am committed to growing the business further and cementing our position within the industry.”

He continued: “I have decided to rebrand the company as Hilson Filtration Products Ltd, Hilson is a recognised industry name from years ago and am excited for the future success of the business.

“For employees and customers it’s very much business as usual and the main change is our new name.”

Allied Irish Bank (GB) was represented in the deal by senior relationship manager Simon King and relationship manager Lisa Murray.

Simon King commented: “This is a very exciting time for Vas Mistry and his team who are focused on strengthening the position of Hilson Filtration Products Ltd as a leading manufacturer across Europe.

“We are thrilled to support his plans to acquire the business and provide working capital to assist his future growth strategy.”

Stuart Hands, of corporate finance firm SamCorp, advised Vas Mistry on the transaction and introduced him to Allied Irish Bank. Weightman Solicitors’ Sarah Walton advised the bank.

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