Tue, 09 Nov 2010 | MBO/MBI
Asbestos removal firm Insul-eight has been bought in a management buy-out deal for an undisclosed amount.
The Lancashire-based business, which also specialises in thermal insulation, was purchased by Darren Hartley and Danny Heap from Rufus Dunne, an investor in Insul-eight since 2004.
The Royal Bank of Scotland supported the deal for the £3 million turnover business. Lawyers at Napthens and corporate finance experts at Moore and Smalley were also involved in advising on the deal.
Darren Hartley commented: “We are incredibly thankful for the support and encouragement that Rufus has shown us over the years, and we’re now looking forward to ensuring we continue to drive the business forward.”
Established in 2004, the firm’s customers are predominantly regional and national mechanical and electrical engineering service providers. It also designs, supplies and installs electric trace heating, as well as controls for frost protection.
Stephen Gregson of Moore and Smalley said: “Insul-eight is a very successful niche business with highly trained employees providing a specialised service.”
Gregson continued to say that the firm has expanded quickly since its beginnings, and that the MBO deal will simultaneously enable Dunne to exit the business and Hartley and Heap to focus on its future developments.
Established in 1998 as First Trace Heating Direct (Holdings) Limited, the company became known as Insul-eight in 2004.
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