Management buyout at building products manufacturer
A management buyout has been completed at Sheffield-based designer and manufacturer of stainless steel building products – Wincro Metal Industries Ltd.
Wincro can trace its roots to the 1920s, when it designed and built the Winco-Stringer motorcar which was at the forefront of technology for its day.
Today, Wincro designs and makes brickwork support systems, wall ties and fixings for the construction market.
John Young, divisional director at the business, said: “Having worked at Wincro for over 30 years now, it’s a dream come true for myself, my family and the MBO team.
“Supported by my senior management team, who have over 100 years’ experience within the business and industry, we have ambitious plans for the future and look forward to the next chapter in our company’s long and successful history.”
Accountants Shorts teamed up with Virgin Money and Wake Smith to act as lead advisors, funders and legal representatives on the MBO.
Andy Ryder, corporate finance Partner, at Shorts said: “We are happy to have helped John and the team achieve their goal of owning the company. We are sure that the transition will result in continued growth and success for the business.”
David Burgess, director of business development at Virgin Money, said: “Virgin Money is pleased to support John Young and the team and provide the finance to fund the MBO.
“Having been trading for over 60 years Wincro has established itself as one of the leading manufacturers in this sector.
“John has run the company day-to-day successfully for a number of years and we believe he is the right man to lead the business on the next stage of it’s journey.”
John Baddeley, director in the corporate team at Wake Smith in Sheffield, said: “We are delighted to have acted for John Young and his team in connection with the MBO and wish them all the best for the future as they look to grow this established Sheffield manufacturing business.”
Lisa Wallis of Freeths, who provided legal advice for the management team, added: “It was fantastic to be involved in this transaction, which sees the successful transition of this long-standing Sheffield business to the management team and allows it to continue to thrive going forward.”