A Merseyside manufacturing business has undergone a partial management buy-out (MBO) in a deal worth £1.8m.
Anaco Systems Limited, a £10m turnover, 70-strong business, produces and installs aluminium building facades for use in curtain walling, commercial windows and doors and toughened glass frames.
The Birkenhead-based company has clients UK-wide including schools, universities, and major building contractors particularly those working in hotel and town development.
The funding package includes £400,000 invested by Alliance Fund Managers through the MSIF Mezzanine Fund, support from Co Operative Bank and investment from the directors. The deal will enable a phased buy out by the operational management team who will be allocated 50% of the business. The vendors will remain active directors but will gradually reduce their roles and input.
The new shareholders are finance director, Barrie Pierce, sales and marketing director, Jim Aldersey-Williams and contracts director, Andrew McDonald. Current managing director Andrew Turner has assumed the role of Chairman.
“We are delighted that the existing management team will now take the business forward,” said Turner. “A measured succession plan is vital to ensure the continued success of Anaco and we believe the new directors have the experience, energy and enthusiasm to drive the business forward.”
Legal advisors involved in the transaction were Mace & Jones for AFM and Hill Dickinson for the management.
© Crimson Business Ltd. 2008
