Midlands-based environmental compliance firm is likely to undergo a management buyout, after ninety one per cent of its members voted in favour of the action.
The company, which operates from headquarters in Stratford-upon-Avon, saw the majority of its 4,000 members vote in favour of the action at an extraordinary general meeting held on Thursday.
The buyout would see its management team – led by its chairman and former environment secretary, John Gummer, now Lord Debden – take control of 70 per cent of the whole company. The other 30 per cent will be owned by German compliance scheme owner Greenpoint, according to a report in the Yorkshire Post newspaper.
Valpak had seen a number of other companies express interest and make bids for it last year, including Peter Hunt, managing director of Leeds-based Wastecare. Valpak’s senior independent director, Gerryl Orbell, stated that he believed that the management buyout was the best route for the company.
“I am confident that the joint management and Greenpoint bid offered the best option for members, employees and the future of the company,” he said.
The company’s members will receive as much as £610 each from the deal, totalling around £2.5 million. Valpak will change its status from a mutual transition to a limited liability company.
