MBO completed at SIMBAL

A COMPANY which supplies electrical equipment to the crane industry has undergone a management buyout.

The buyout at SIMBAL, in Chapel-en-le-Frith, sees managing director Steve Woolley replace Brian Ball as the company’s majority shareholder. 

The Manchester office RBS provided an undisclosed funding package to support the transaction, which included an Enterprise Finance Guarantee loan.   

Established in 1979, SIMBAL supplies electrical equipment such as conductor systems, electrical cables and remote radio control systems to both crane manufacturers and crane service companies. 

SIMBAL sources its products globally and supplies them to more than 600 customers. 

The company employs seven people and has a turnover of £1.5m. 

Mr Wooley has spent his working life in this sector and joined SIMBAL five years ago from Street Crane Company – one of the world’s leading crane manufacturers.  

He said: “Having managed the business for the last four years I am now delighted to become the company’s majority shareholder. 

“Our main goal is to build long term relationships that meet the needs of our customer and suppliers.  

“This transaction gives us a sound platform to continue with this approach.”  

Deborah Jones was senior manager on the RBS structured debt solutions team who organised funding for the buyout. 

She said: “SIMBAL is a solid and well established business that has a diverse customer base. 

“The company has consistently grown and is well positioned to continue its progress under Steve’s ownership.”   

Law firm DWF LLP acted for RBS, Stockport-based Gorvins acted for the management team and Tony Morris from Chafes in Wilmslow represented the vendor.