Energy management firm in £7.2m buyout
VICKERS Electronics has been sold to a management buy-out team in a £7.2m deal.
The Trafford Park-based company was set up in 1991 and provides energy management systems used in big industrial units such as warehouses and factories. The firm employs 29 people and its clients include Stagecoach, Magnet and Boots.
The firm’s main product is a self-learning energy management system which monitors temperature at various points within buildings and controls the heating system to reduce fuel usage. The system which was developed in-house and has won a Queen’s Award for Environmental Achievement.
The buy-out has been led by David and Alison Hilton and has been funded by Manchester-based EV, PHD Equity Partners and Yorkshire Bank.
David Hilton said: “Vickers is a long-established business with a strong management team and this step in our development, with the introduction of new expertise, allows us to increase the rate of development of new products and move into new markets.”
Wayne Thomas, investment director at EV who led the deal, said: “We have worked closely with the management team of Vickers over the last few months to assist them in completing the MBO.
“The team has worked extremely hard to develop the company’s products and market position and the business is now, in our opinion, well positioned to benefit from the positive drivers impacting on its market.”
The management team was advised on the deal by Dow Schofield Watts and the vendors were advised by RSM Tenon. Legal advice was provided by Pinsent Masons (to EV) and Gateley (to Yorkshire Bank).
