Thursday, 23 November 2017

Pump firm in multi-million pound buyout

BREAKING: Pump firm in multi-million pound buyout

HENLEY pump firm Stuart Turner has been the subject of a £50 million management buyout.

The company, which is based off Greys Road, was founded in 1906 and employs more than 100 people.

The move has been led by the firm’s managing director Mark Williams, who has been in charge since September 2008.

It was backed by private equity investor LDC, an arm of Lloyds Banking Group.

It says it the move will support the company’s ‘targeted buy-and-build strategy’ and drive international growth.

The business has achieved significant growth over the past six years generating turnover of more than £22 million for the financial year ending September 2016.

Mr Williams said: “LDC recognised the growth potential of the business and immediately bought into the existing buy and build acquisition strategy. Importantly, they also saw the opportunities presented by new product introductions and further geographical expansion.

“Partnering with a like-minded investor that not only has a strong track record in our sector, but is able to bring additional non-exec expertise on board, was extremely important to us. We’re looking forward to embarking on the next phase of our growth journey with LDC.”

Steve Lee will move from his current non-executive director role where he has supported the business for six years to become non-executive chairman.

In addition, Duncan Cooper, former regional managing director at Grundfos, one of the world’s leading pump manufacturers, has also been appointed as non-executive director. He brings more than 20 years’ experience, having led Grundfos’ operations in Europe, Africa and the Americas.

Andy Lyndon, head of LDC in the Midlands, added: “Mark and the team have built a fantastic business over the years, and through a commitment to product innovation it consistently delivers market leading solutions to customers in both the commercial and domestic pump markets.

“Its recent acquisitions are a clear indicator of the management team’s ambition and with the company’s technical capabilities and strong customer base, Stuart Turner is well placed to further strengthen its market leading position both at home and overseas.”

 

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