Tue, 07 Nov 2023 | MBO/MBI
A diving company based in Barrow-in-Furness, Cumbria has undergone a management buyout (MBO) in a deal that provides an exit for the company’s founder. Underwater Diving Services’ (UDS) seven-figure MBO was backed by Mercia Asset Management’s SME Loans Fund.
UDS provides underwater construction, repair and maintenance services for a wide range of infrastructure, including ports, harbours, pipelines, water plants, reservoirs and wind farms. The firm also provides salvage and recovery and works on the UK’s submarine delivery programme, with clients including Cumbria County Council, BAE Systems and United Utilities.
The MBO sees founder John Trenouth and fellow director Dave Walker exit their positions, with Walker set to stay on in a consultancy role. Operations director John Williamson will take control of the company, while businessmen Jamie Buchanan and Tim Pearce have also acquired stakes in the business.
Williamson, who will take on the role of Managing Director, commented: "UDS has a proud history and has built a strong track record for expertise. After working with the business to put the right foundations in place, I feel it is now well positioned for growth.”
"New industries such as offshore wind and the need to maintain existing infrastructure, are all opening up new opportunities. I look forward to working with my fellow directors Jamie and Tim to pursue our expansion plans."
Mercia’s Peter Rooney said that UDS is the only company of its type in the Cumbria area and that its expertise would be difficult to replace.
Rooney added: "The buyout will secure the future of the business, helping to keep these valuable skills in Barrow and create more local jobs. We are pleased to support John and the team with their plans to expand the business and create a new generation of divers in Cumbria."
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