Gee Graphite in MBO
SEAL and gasket maker Gee Graphite has been acquired from its family owners in a management buy-out (MBO).
Chris Richmond and Andrew Whitehead have bought the Dewsbury-based business for an undisclosed sum in a deal funded by RBS Invoice Finance.
Mr Richmond, who worked as general manager and Mr Whitehead, the company's accountant, will take over as managing director and financial director respectively.
The company employs a 36-strong team producing graphite seals and gaskets for the petrochemical, power generation and process equipment industries and operates the UK's largest water jet cutting facility.
The new owners have overseen the running of the company since the death of its founder, Colin Gee, in September 2005 and last year its turnover grew to more than £3.3m.
Chartered accountants Clough & Company were appointed as advisors on the deal and Sarah Hemmings at Chadwick Lawrence Solicitors provided legal advice throughout the buyout.
Mr Richmond, who has worked at the firm since it was established, said: “Since it was founded, Gee Graphite has built an excellent reputation for being a forward thinking and innovative firm and we're delighted to complete this MBO and look forward to expanding the business further in the near future.”
Nigel Bullas, corporate finance partner at Clough & Company said: “Gee Graphite is a very exciting company with fantastic growth opportunities and a highly experienced management team and we are looking forward to working alongside Chris and Andrew further in the future.”
Mark Heyes associate director represented RBS Invoice Finance. He added: “The transaction represents a classic MBO and we are delighted to have been able to support this dynamic and highly successful business.
“Much credit must be given to the determination of the management team who can now look forward to an exciting future and build on the business's solid foundation. We wish them every success in the future growth of their business.”
