MBO for Rubber Safety Hygiene
INDUSTRIAL supplies company Rubber Safety Hygiene has completed a management buy-out, with managing director Rob Hand becoming sole owner of the business on the back of a £400,000 funding deal.
Sheffield-based Rubber Safety Hygiene was founded in 1990 and supplies businesses with day-to-day consumable needs, such as janitorial supplies, safety equipment, rubber sheeting and industrial hoses.
The company employs 25 people and generated a turnover of £4m last year.
Hand held a 9% stake in the company prior to the MBO and the acquisition sees the departure of two majority shareholders from the business. Following the completion of the deal, Hand has bolstered his management team with two new appointments and has also doubled the field sales force to four to drive growth.
He said: “As far as our customers are concerned, it is business as usual and they will continue to receive the same high quality service. The business has weathered the economic downturn successfully and we are now in a position for growth again. We particularly want to focus on the South Yorkshire area; we have been busy growing our national business but I have brought in a field sales team to drive sales more locally.”
The MBO has been backed by HSBC’s South Yorkshire Commercial Centre, with the team providing the funding for the change in ownership and additional working capital facilities to support the business going forward.
The deal was led on behalf of the bank by senior commercial manager Jo Dickinson, based at HSBC’s Sheffield offices, and marks a new banking relationship with HSBC.