North West based MC Vanguard has advised on the Management Buy Out of Lancashire firm Test & Measurement Hire Group.
The Burscough business is one of the UK’s leading suppliers of testing, measurement, and calibration equipment to the manufacturing and engineering sector. It works extensively in the Scottish offshore oil industry with further offices in Inverurie, Aberdeenshire.
The management team was advised by MC Vanguard, the corporate finance arm of North West accountancy firm and business advisors Mitchell Charlesworth. MC Vanguard’s work was led by Robin Gower and Brian McCann. Kieran Donovan of Bermans Solicitors provided legal support.
The MBO was backed by external funding from Lloyds TSB alongside funding from existing management and an original founder of the company, Ken Grannell.
Mr Grannell will now return as Managing Director after leaving the firm in 2006. He said the MBO follows the company’s most successful year in its history and he is now planning to deliver an exciting growth strategy to drive market share across the UK.
“This is an exciting opportunity for us to build on the tremendous success the team have already achieved,” he said. “Our aim will be to continue to expand our business to the benefit of our customers, offering a wider product range while still providing industry-leading levels of customer service and support.”
Mr Gower of MC Vanguard, who was lead adviser on the deal, said: “We are delighted to have supported this talented management team in helping them to realise this important stage in their ambitions to grow the business. With a track record of excellence, this move will further enhance the company’s position in the marketplace and bodes well for its future.”
Test & Measurement Hire Group was founded in 2000 and has become a leader in the marketplace with a diverse range of the latest technology equipment within its hire fleet.
Aberdeen operations director Gordon Thow said.“People come to us because we are a genuine ‘one-stop-shop. We do whatever we can to help. If we don’t have it in stock, we can get hold of it. This helps us to understand the range of equipment we need to service our customer base. Internal software systems record all customer requirements. Listening and responding to what the customer needs is paramount.”
Operations director for group company Direct Instrument Hire Dennis Wilson said: “The company has established an excellent customer base and enjoys high levels of repeat business. The management has continued to successfully develop and grow the business with the underlying strategy to seek new opportunities in the emerging technological industries. Both turnover and profit continues to increase year-on-year. Furthermore 2013 was the most successful year for the company to date, and current performance is again substantially ahead of expectations.”
Mr Donovan of Bermans Solicitors said: “Having worked with management team for a number of years we have witnessed the business, and the team, grow from strength to strength. This deal will be the catalyst for even more exciting times for the company.”
For more information contact Mitchell Charlesworth via email: enquiries@mitchellcharlesworth.co.uk or call Liverpool: 0151 255 2300 Manchester: 0161 817 6100 Chester: 01244 323051 Warrington: 01925 635141 Widnes: 0151 423 7500.