Factair Ltd, an Ipswich based firm specialising in the design and manufacture of confined space ventilation equipment, has successfully undergone a secondary management buyout. Both this and the original MBO were handled by David Scrivener and his Corporate Finance team at Ensors.
The original MBO took place some 10 years ago in February 2004, and saw Clive Wakeman, Geoff Webb, Stuart Harris James Coleman and Kevin Ball buy the business from parent company Peterhouse Group plc.
An integral part of the original buy-out plan was to plan for the exit of Clive, Geoff and Stuart in 10 years time. With this in mind the team, once again, approached David to put together a second MBO for the ‘“next generation” which included James and Kevin together with a new director Nitzan Gonen to take control of the firm.
The Ensors Corporate Finance team successfully delivered the deal in early April 2014.
James commented, “Thanks to the great support from Ensors the whole deal went through very smoothly. We had planned to do a further buy-out when Clive, Geoff and Stuart were ready to retire and this had always been scheduled for 2014. So we were all able to work towards the date in a measured and structured way, and create a deal that all parties are happy with. All three exiting shareholders will still have involvement in the business which is also great for continuity and experience.”
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