Thu, 27 Dec 2018 | MBO/MBI
Prodis, which supplies its own brand of refrigeration equipment for bars and clubs, storage and display, has completed an MBO with the assistance of Castle Square Corporate Finance.
Led by managing director Anthony Faulkner, Prodis also acts as a distributor for brands such as Samsung, Icematic and Whirlpool.
The founders, Richard and Valarie Hammond, will continue to own a minority shareholding and support the company in its transition.
Patrick Lynch, Director of Castle Square, said: "In recent years the Prodis brand has received significantly increased recognition within the UK catering equipment sector, which is a testament to the hard work and commitment of Anthony and the Hammonds.
"The change of ownership will allow Anthony to continue driving the business forward on the back of this recent success and expand new opportunities to provide further growth to the business."
Lynch and fellow director Kevan Shaw advised the management team on the deal and provided a structured process and sought the necessary finance from NatWest to finalise the transaction.
Alan Dawson led the NatWest team who provided the acquisition finance alongside working capital facilities.
He said: "Prodis has been a longstanding member of Stoke business community since it was first established in the 1980s.
"NatWest is pleased to have had the opportunity to support Anthony and the team in their management buy-out.
"We hope that the transaction is just the start of a long-lasting relationship with the new management team and we look forward to working closely as they deliver the company’s future ambitions."
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