Merson signs CGL takeover deal after raising capital

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MERSON Signs, which supplied signage for last year’s London Olympics, has bought fellow East Kilbride-based firm CGL Systems for £1 million, after raising funds from HSBC, the Scottish Loan Fund and Scottish Enterprise.

HSBC provided £1m of working capital, while the Scottish Loan Fund (SLF), which is managed by Maven Capital Partners, lent £900,000, with a potential £3m to follow. Scottish Enterprise gave £250,000 as a regional selective assistance grant.

Merson – which lists Marks & Spencer, Royal Bank of Scotland and Volvo among its clients – said buying CGL will add to its manufacturing capacity.

Maven also revealed that Halliburton has repaid the £5m that the SLF lent last year to Red Spider Technology, the Aberdeen-based firm bought last month by the oil services giant.