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| Tata Steel: Everything you need to know about Greybull Capital, the Scunthorpe Steel Plant buyer | Tata Steel: Everything you need to know about Greybull Capital, the Scunthorpe Steel Plant buyer |
| (5 months later) | |
| Tata Steel’s decision to sell its Long Products Europe business which includes its Scunthorpe and Teesidie plants to Greybull Capital came as a relief for more than 4,000 workers. But who is behind the investment firm that has been credited with saving thousands of jobs? | Tata Steel’s decision to sell its Long Products Europe business which includes its Scunthorpe and Teesidie plants to Greybull Capital came as a relief for more than 4,000 workers. But who is behind the investment firm that has been credited with saving thousands of jobs? |
| What is Greybull Capital? | What is Greybull Capital? |
| Greybull Capital, a London based investment firm, was founded in 2008. | Greybull Capital, a London based investment firm, was founded in 2008. |
| The firm is described as “a family office that makes long-term investments in private companies”. | The firm is described as “a family office that makes long-term investments in private companies”. |
| Who is behind the company? | Who is behind the company? |
| Greybull was founded by the brothers Marc and Nathaniel Meyohas along with a family friend Richard Perlhagen. They were later joined by a fourth partner, Daniel Goldstein. | Greybull was founded by the brothers Marc and Nathaniel Meyohas along with a family friend Richard Perlhagen. They were later joined by a fourth partner, Daniel Goldstein. |
| Prior to Greybull Capital, Marc Meyohas led the information and technology services company Cityspace for twelve years as its CEO, while Nathaniel Meyohas started as an investment banker at Lehman brothers. Richard Perlhagen worked in venture capital for SEB Merchant Banking in London. | Prior to Greybull Capital, Marc Meyohas led the information and technology services company Cityspace for twelve years as its CEO, while Nathaniel Meyohas started as an investment banker at Lehman brothers. Richard Perlhagen worked in venture capital for SEB Merchant Banking in London. |
| What does their portfolio look like? | What does their portfolio look like? |
| Greybull specialises in underperforming companies and what is known as “rescue deals”. | Greybull specialises in underperforming companies and what is known as “rescue deals”. |
| Its portfolio of investments includes stakes in the energy, technology, retail, industrial and manufacturing. | Its portfolio of investments includes stakes in the energy, technology, retail, industrial and manufacturing. |
| The company came to public prominence as investors in OpCapita’s takeover of Comet, the the electrical good chain, before its collapse in 2012. | The company came to public prominence as investors in OpCapita’s takeover of Comet, the the electrical good chain, before its collapse in 2012. |
| Greybull also backed the retail veteran Mike Greene with the £25 million purchase of 140 convenience stores from Morrisons in September last year after the supermarket chain admitted it got into the convenience market too late. | Greybull also backed the retail veteran Mike Greene with the £25 million purchase of 140 convenience stores from Morrisons in September last year after the supermarket chain admitted it got into the convenience market too late. |
| The firm’s most recent acquisition, excluding Tata, is Monarch, the UK-based and budget airline company. Greybull injected £125 million into Monarch in return for a 90 per cent stake late last year. After severe cost-cutting and the benefit of lower fuel prices, it recently announced that it expects a £130 million turnaround in 2016, from underlying losses of £90 million to profits of £40 million. | The firm’s most recent acquisition, excluding Tata, is Monarch, the UK-based and budget airline company. Greybull injected £125 million into Monarch in return for a 90 per cent stake late last year. After severe cost-cutting and the benefit of lower fuel prices, it recently announced that it expects a £130 million turnaround in 2016, from underlying losses of £90 million to profits of £40 million. |
| What is Greybull Capital saying about Tata ? | What is Greybull Capital saying about Tata ? |
| Greybull will take on the entirety of Tata Steel UK's steelworks operations in Scunthorpe, as well as two mills in Teesside, an engineering workshop in Workington and a design consultancy in York along with a mill in nothern France. | Greybull will take on the entirety of Tata Steel UK's steelworks operations in Scunthorpe, as well as two mills in Teesside, an engineering workshop in Workington and a design consultancy in York along with a mill in nothern France. |
| The investment firm will pay a nominal £1 for the business and it is lining up a £400 million investment package to turnaround the plant. | The investment firm will pay a nominal £1 for the business and it is lining up a £400 million investment package to turnaround the plant. |
| The Scunthorpe business, known as Tata's Long Products Europe (LPE) division, will be renamed British Steel once the acquisition is complete, which is expected to be in eight weeks. | The Scunthorpe business, known as Tata's Long Products Europe (LPE) division, will be renamed British Steel once the acquisition is complete, which is expected to be in eight weeks. |
| Marc Meyohas, Greybull partner, said: “We are delighted to have reached agreement for the acquisition of LPE, which we believe can become a strong business, with a highly skilled workforce and great potential.We are now focused on taking the deal to completion in order that the business can start its next chapter with confidence.” | Marc Meyohas, Greybull partner, said: “We are delighted to have reached agreement for the acquisition of LPE, which we believe can become a strong business, with a highly skilled workforce and great potential.We are now focused on taking the deal to completion in order that the business can start its next chapter with confidence.” |
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