MBO and acquisition at Moody Direct
Moody Direct, the Retford firm which supplies spare parts and components for the process industries, has bought Swadlincote-based Plough Engineering Services.
The move comes just weeks after Moody Direct was bought in an MBO from the Moody Group of Companies.
Plough Engineering Services provides plate heat exchangers and related services.
Moody Direct is a supplier of process spare parts, maintenance, equipment and project engineering services to the dairy, food, beverage, brewery, ice cream, chemical and pharmaceutical industries.
Plough Engineering Services will continue to trade under its own name.
Tony Taylor of Plough Engineering Services will be working alongside Garry Folds, sales account manager, at Moody Direct providing plate heat exchanger equipment together with maintenance and calibration services.
David Tomlinson, director of Moody Direct, said: “Our acquisition of Plough Engineering Services complements our existing plate heat exchanger capabilities, which we established over three years ago with the significant investment in our industry leading heat exchanger cleaning and testing facility, based at our Retford head office.
“Plough Engineering Services have an excellent name and reputation within the industry and this acquisition significantly enhances our existing heat transfer offering. We are looking forward to working with all of the customers and clients.”
Peter Hopkins, founder and director of Plough Engineering Services, said: “I am very proud of what we have achieved over the last thirty years. Our reputation has been the key to our success and we have built our business by providing quality products and services to a loyal customer base.
“The shared values and high standards of both Plough Engineering Services and Moody Direct were key to my decision to join forces. The combined business is able to offer an enhanced range of goods and services supporting all of our customers.”
The management buyout of Moody Direct was led by David Tomlinson and Ken Wild, with Paul Moody being retained as non-executive chairman.
Possessing an engineering background and following 9 years working for APV, Ken Wild founded Daken Stainless Products in 1998 and joined forces with Moody Direct in 2007. As a qualified accountant David Tomlinson joined the Moody Group in 1998 and has been finance director for over 12 years.
Wild said: “The Moody name holds a fantastic reputation in the market place and Moody Direct has a great team of people with an amazing breadth of knowledge and experience. David, myself and all of the Moody Direct team are excited to explore the many opportunities which lie ahead and look forward to growing and developing the business over the coming years.”
Paul Moody said: “Over the last 40 years the Moody Group of companies has grown, developed, diversified and become a leading force in the industries we serve.
“I am very proud of the Moody Group and I have been fortunate to have been surrounded by great people, without whom none of what we have achieved would’ve been possible.
“I would like to thank our loyal customer base and wish Moody Direct every success for the future. I look forward to continuing to work with David and Ken in my role within Moody Direct.”
The MBO was backed by funding from Barclays.
