Management buyout completed at manufacturing firm
A management buyout (MBO) has been completed at an industrial fan manufacturing firm in Huddersfield, for an undisclosed sum.
With the backing of a funding package from HSBC UK, the MBO of Woodcock & Wilson Group sees the leadership team of Richard Wilson, Ian Crum, Scott Harding, Charles Halstead and Gareth Wolstencroft, jointly take a majority share of the business from its chairman.
The business will also use the funding package to develop its Hazardous Area (ATEX/IECEx) products to complement its project offerings, as well as invest in lean manufacturing processes.
As a result, Woodcock & Wilson Group expects to increase turnover and create new jobs.
Ian Crum, managing director of Woodcock & Wilson Group, said: “HSBC UK’s financial backing and guidance gave us the means and confidence to undertake this buyout. We’re now looking to build upon recent substantial contract wins by driving forward an ambitious growth plan that will scale-up our product range and allow us to explore new markets both in the UK and overseas.”
Anthony Wild, HSBC UK’s relationship director for West and South Yorkshire, added: “Yorkshire has a proud history of engineering and manufacturing so we’re delighted to support a highly skilled business with a market leading reputation in the industry. The leadership team has a wealth of experience, which, coupled with their desire for growth, will only lead to exciting opportunities for the Group.”
Established in 1973, Woodcock & Wilson Group specialises in designing, manufacturing, supplying and servicing of fans for the oil and gas, heavy industry and commercial sectors.
The group employs over 70 people at its facilities in Huddersfield.
HSBC UK was supported in the transaction by Geoff Thomas of Brown Butler, along with Steven Millward & Lucy Holroyd of Schofield Sweeney. Wheawill & Sudworth and Bermans acted on behalf of Woodcock & Wilson Group.
