14th June 2016
Selectequip, the Lichfield-based supplier of PPE, maintenance products and safety supplies, and its Wakefield-based sister company Coolsign, manufacturer of signage products, have undergone a management buy-out.
The deal allows director Henry Spence to take full ownership of both companies by acquiring the shareholding of fellow director Peter Ryan, who is retiring from the business. Dow Schofield Watts Corporate Finance advised Mr Spence on the deal, which was funded by the Royal Bank of Scotland.
Established in 1989, Selectequip is a leading supplier to the rail and other industries. Mr Spence and Mr Ryan took over the business via a management buy-out in 2008. The company now has a client base including Network Rail and the London Underground and has built a reputation as an innovator in the field of PPE.
This latest buy-out comes as Selectequip is set to launch its range of Viz360 Dual Technology workwear which offers unparalleled protection in dark conditions, as well as a new online store to allow clients to access its range of over 7,000 products online.
Henry Spence, Director at Selectequip and Coolsign 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. We believe there is nothing like the Viz360 on the market and hope our customers will agree with the innovative new features we have introduced in PPE workwear.”
The Dow Schofield Watts team, which included Gregg Pendlington and Philip Sarthou helped to negotiate and structure the deal and raised the finance.
Gregg Pendlington said: “Having worked with the directors when they acquired the business from its founders in 2008, I have seen it evolve. Today it is well positioned with significant opportunity to expand across a number of industry sectors. The deal provides for the retirement of Peter, while giving full control to Henry to allow him to take the business forward.”
Henry Spence said: “Having worked with Gregg previously on my first MBO, I knew what to expect from Gregg, Philip and the team at DSW, the confidence I have in Gregg allowed me to concentrate on keeping the businesses running, safe in the knowledge that everything was under control. I intend to continue working with Gregg and DSW, having them involved with my company will add so much value and the day to day advice will be a benefit to me and my businesses for many years to come.”