£900,000 investment supports management buy-in at electrical contractor

Debt funding provider Frontier Development Capital has provided £900,000 to support the management buy in of Stourbridge-based Complete Electrical Solutions (CES).

CES was founded in 2000 and has a team of 12 staff.

While the firm provides a range of electrical services, it specialises in the installation, service and maintenance of lifts, stair lifts, stair climbers and other mains powered disability devices.

The debt investment provided by FDC funds a management buy-in led by incoming directors Chris Smith and Dan Bytheway, to acquire a 94% shareholding from CES’s founder Tony Smith.

Tony will remain in the business on a consultancy basis.

Chris Smith said: “Following our acquisition of CES we are looking forward to building upon a strong foundation. We now plan to expand CES in not only the b2b sector in which it already operates in, but also with careful rebranding to make a significant indent into the private stair lift market.”

Carl Perry, investment director, FDC, said: “It’s great to announce our latest investment supporting a regional business with a legacy of technical excellence and specialist expertise. We have no doubt that the MBI team will continue to expand the business. This deal exemplifies how critical it is for alternative funding to play a part in supporting the growth of SMEs, even during challenging times.”

FDC’s legal advice for the transaction was provided by Hawkins Hatton Corporate Lawyers, along with financial due diligence from MY-Advisory.

Higgs and Sons provided legal advice for the MBI candidates.