Brothers swap roles in multi-million-pound MBO
Two brothers have swapped roles in a what their advisors have described as a ‘multi-million MBO’, in a deal which sees John Watts acquire control of Flamerite Fires Ltd from his brother David.
Flamerite, which is based in Lichfield, is a leading designer, assembler and manufacturer of high-end electrical stoves, fires and suites, and it has been run for the last 19 years under the control of David Watts as managing director. On stepping down from that role and selling control of the business to his brother John, David Watts said:”I am absolutely thrilled to have been able to pass on the company to John in such a strong position. As Chair, I will still be able to support John and his team strategically. However, I know that they are more than capable of building on Flamerite’s success from here..”
“Over the past 19 years I have enjoyed the challenge of creating and directing a business with John which has made such a difference to a whole industry. I am now ready to enjoy more leisure time and possibly some fresh challenges in retirement.”
On acquiring control of the business, John Watts added:”I am very excited about Flamerite’s future and I am looking forward to taking the company forward. There are lots of plans in the pipeline which will aid the future growth of the company and expand the the current product offering.”
The transaction was advised on by Jenny Moore of Dains Corporate Finance and was funded by the Allied Irish Bank.
John Watts said:”The team at Dains provided exceptional advice and were there for every step of the transaction, explaining every aspect as we went along. Their experience and expertise in the fundraising and deal process supported and guided me and ensured that there was a swift and successful completion of the transaction.”
The lead at Dains, Jenny Moore said:”It has been a delight to work with John and his team on this transaction. Flamerite’s growth has been built on delivering high quality products to their customers and John is now in a great position to build for the future. The deal allows succession for David Watts, who will continue on in a Chairman role, passing over the Managing Director reins to his brother John.”
