MBO for equipment business
A DIRECTOR at a rail equipment supplier has bought the business on his 20th anniversary at the firm.
Henry Spence started at Selectequip in 1996. Now 20 years later he has acquired 100% of the business after buying fellow shareholder Peter Ryan out of his 50% share.
An undisclosed amount of funding was provided by the corporate transactions team at the Royal Bank of Scotland Corporate Transactions team.
Lichfield-based Selectequip was founded in 1989, with Mr Spence and Mr Ryan taking over the business in 2008 following another management buy up. They also took on Coolsign as part of the transaction, which is now transferred wholly over to Mr Spence.
The Wakefield-based business specialises in design, print and signage fabrication.
The businesses employ 28 people between them
The business is set to launch their range of workwear offering protection in low light or dark conditions. Selectequip are also launching a commercial hub in August which will allow clients to access their range of over 20,000 products online.
Henry Spence, managing director at Selectequip and Coolsign Ltd said: “This is a very exciting time for Selectequip as we look to expand our range with the launch of the Viz360 range and the hub.
“I wish Peter all the very best with his retirement and for his valuable contribution over the years to the continued success of the business. I have worked for Selectequip for over 20 years and am delighted to take full ownership of the business and Coolsign Ltd and thank the Royal Bank of Scotland for their backing.”
Craig Cheetham director, Royal Bank of Scotland Corporate Transactions Team added: “For customers and suppliers it is very much business as usual with Henry Spence at the helm and we are delighted to help him acquire 100% ownership of the business and its sister company Coolsign Ltd.”
The Royal Bank of Scotland Corporate Transactions team was represented by Craig Cheetham and Stephen Gater. Advisors on the deal were Gregg Pendlington from Dow Schofield Watts and Rob Fawke from Gunnercooke.
Gregg Pendlington from Dow Schofield Watts Corporate Finance added: “Having worked with Henry and Peter since they acquired the business from its founders in 2008 I have seen it evolve. Today it has well positioned with significant opportunity across a number of product initiatives and markets.”
