Evac+Chair to develop new products and services following MBO
BIRMINGHAM manufacturer and exporter of evacuation chairs for people with mobility difficulties, Evac+Chair, has completed a £750,000 management buy-out.
The company, which designs, manufacturers and supplies evacuation equipment, is now accelerating plans to develop new products and services for its clients in the emergency services sector. It will also focus on growing the global reach of its innovative Emergency Solutions brand.
The MBO was led by managing director Mark Wallace, and the transaction was completed with support from a number of Midlands-based advisors and funders, including accountants Smith Cooper and Lloyds Bank Commercial Banking, which has supported Evac+Chair for more than 30 years.
The bank’s Birmingham team provided the business with a £750,000 funding package to facilitate the management buy-out.
Wallace said: “The business is now experiencing steady growth, and following a retirement in the management team it was the right time to move forward with the next stage of our expansion plan.
“We are continuing to develop new products and our sales and export team is working hard to market our Emergency Solutions brand to overseas distributors, and it’s thanks to the on-going support of Smith Cooper and Lloyds Bank that we are able to continue to innovate and lead within our sector.”
Ed Saunders, Tax Advisory Partner at Smith Cooper, said: “The MBO signals an exciting new chapter for Evac+Chair, who are building on advances in technology to enhance their product offering, and we’ll continue to work closely with the management team to help them achieve further growth both in the UK and overseas.”
Martin Crossley, Relationship Director at Lloyds Bank Commercial Banking, said: “Evac+Chair is a successful British business that is exporting its products across the world, helping to drive the economic recovery further. We’re pleased to provide them with this funding to support this important stage in the business’ development.”
