Mon, 13 Jun 2016 | MBO/MBI
Water treatment manufacturer to the domestic and commercial heating industry across Europe, ADEY Professional Heating Solutions, is set to undergo a management buyout (MBO).
The deal secures 75 jobs at ADEY and is “part of its continued growth in the UK and expansion internationally”, GloucestershireLive reported.
ADEY's chief executive officer John Vaughan led the MBO, with financial help from LDC, part of the Lloyds Banking Group. The firm's founder Chris Adey, who also invented the MagnaClean® filter technology, winning a Queen's Award for Enterprise in Innovation for it in 2012, has exited the business.
After the MBO, expansion plans will see the company enter new markets in the US, Asia and Eastern Europe, among other areas, and invest in new product development.
Mr Vaughan commented on the proceedings: “This investment marks the next chapter in our growth journey and will help us to achieve our goal of providing all our customers, in the UK and around the world, with the best possible preventative solutions in the heating world.
“ADEY has innovation in its DNA, and we will continue to launch new products that assist heating installers to serve their customers' needs with the most effective tools.”
The business made Gloucester Citizen & Gloucestershire Echo's list of 25 of the fastest-growing businesses in Gloucestershire in June 2015. ADEY was tipped to see its sales jump to £40 million from £28.8 million to the end of 2014, already quite a leap from £13.6 million in 2011.
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