MBO adds fuel to growth plans of temporary power business
The group managing director of Cannock-based IDE Systems has led a management buyout as part of a planned transition for the 25 year-old business.
Wayne Woodhead described the deal as “a significant step forward for the company”. He joined the business in December 2016 to transition it to new ownership.
IDE Systems supplies construction, events and facilities management companies with temporary power equipment.
Its most recent published accounts, for the year to November 2017, showed a pre-tax profit of nearly £1m on revenues of £6.2m.
Sales director Kevin Warne and systems operations director Matt Collins formed part of the deal team, supported by Guy Hemington and Chris Taylor from advisers Regent Assay with funding from Santander.
“We believe that IDE can push forward and continue to grow in the market,” said Woodhead.
“We now have a team in place that can take the company to the next level and our unique business model of rental and manufacturing, along with investment into new technology, will give us the competitive edge that is required to support the market for years to come.”
Outgoing owners Ian and Sue Thomas added: “Having owned and led IDE since it was established in 1994, we were keen to make sure it continues to grow into the future, yet be able to exit. Having appointed the management team last year, we are very pleased to have completed the handover and wish them all the success for the future.”
Transcend advised IDE sharegolders on the management buyout process. Legal advice was provided by Higgs & Sons Solicitors, with tax advice from Spencer Gardner Dickins.