Anaco Undergoes Partial MBO in a £1.8m Deal
20th August 2008
A Wirral manufacturing business has undergone a partial MBO in a deal worth £1.8m including £400k invested by Alliance Fund Managers through the MSIF Mezzanine Fund.
Anaco Systems Limited based in Birkenhead designs, manufactures and installs high quality aluminium building facades for use in curtain walling, commercial windows and doors and toughened glass frames. Its customer base is UK-wide and includes schools, universities, and major building contractors particularly those working in hotel and town development.
The company was set up in 1981 and was bought by its current management in 1994. This deal will enable a phased buy out by the operational management team who will be allocated 50% of the business. The vendors will remain active directors but will gradually reduce their roles and input. The new shareholders are finance director, Barrie Pierce; sales and marketing director, Jim Aldersey- Williams and contracts director, Andrew McDonald. Current managing director Andrew Turner has assumed the role of Chairman.
The funding package includes £400K invested by AFM through the MSIF Mezzanine Fund, support from Co Operative Bank and directors’ own investment.
Former managing director Andrew Turner who will now take on the role of chairman said: “We are delighted that the existing management team will now take the business forward. A measured succession plan is vital to ensure the continued success of Anaco and we believe the new directors have the experience, energy and enthusiasm to drive the business forward.”
Sales director Jim Aldersey-Williams said: “Anaco has built up a good reputation, a solid customer base and good partnership arrangements with contractors. We know our product and marketplace inside out and avoiding the temptation to diversify from our core business has been the secret of our success to date. We want to continue to build on our strengths.”
AFM investment director Malcolm Jones said: “This is a great example of good succession planning. The plan is for a gradual and smooth transition from the old management team to the new which will cause minimum disruption to the running of the business. We are really pleased to be supporting Anaco and believe the company will continue to build upon its success to date.”
Anaco’s current turnover is in excess of £10m and the company employs 70 staff.
Legal advisors involved in the transaction were Mace & Jones for AFM and Hill Dickinson for the management.
Ends
For further information please contact Angela White at AFM on 0151 242 6376.
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