Lifejackets firm sets sail on new voyage after £4m sale

BOSSES at the world’s largest manufacturer of inflatable marine lifejackets have set sail on a new voyage after buying the business in a deal worth up to £4m.

International Safety Products of Bootle, Merseyside,  has changed hands in a deal led by managing director John Rogers and sales and marketing director Geoff Billington.

All 95 staff based at ISP’s headquarters in Hawthorne Road, Bootle and its factory in Birkenhead will be retained.

The £7m turnover company, which was founded in 1981, has been the world’s largest maker of inflatable marine lifejackets since 1997.

Its product range includes items produced under the Challenger label for the commercial marine safety sector, waistcoats specially designed for the police, armed forces and fire and rescue services.

Major customers include Shell, British Gas, Texaco, the Ministry of Defence.It has been BP’s sole approved supplier since 1998.

Mr John Rogers said: “ISP has become a globally-renowned brand in the marine safety sector, with a large and loyal customer base and a reputation for breadth of product styles, quality and production flexibility.

“We’re therefore in a fantastic position to exploit the expected significant growth in the inflatable lifejacket market in the next five years, as demand for lightweight, compact, reliable life-saving devices continues to gather pace.  

“Despite the recessionary climate, we had no hesitation in buying the business and are very excited about the prospects for the company in the new era it’s entering.”       

He said talks had begun in May over the acquisition:”A lot has happened in the world since then in terms of the credit crunch, but we are confident in the future.

“There are big markets which we feel are largely untapped in Australia, the US, Canada and some parts of Europe.” 

Management were  advised by Paula McGrath and Mark Woods from the Liverpool-based corporate finance team at PKF.

Funding comprised £1.1m from Alliance Fund Managers through the £40m Merseyside Special Investment Fund’s Venture Fund and support from the Co- operative Bank, both of which are based in Liverpool.

AFM’s investment team was led by investment director Matt Allen and assisted by its investment manager Jon Wormald.  Dave Matthews led the transaction for the Co-op Bank.
 

Paula McGrath, added: “The buy-out is a tremendous vote of confidence in the future of ISP at a time when general economic conditions mean few deals are being done.”

Legal advisers to the parties were: Gareth McIntegart at DWF (the management team); John Schorah at Weightmans (vendor); Mark Rathbone at Brabners Chaffe Street (AFM); and Patricia Grinyer at Mace & Jones (the Co-op Bank).