Wed, 08 Feb 2017 | MBO/MBI
Readypower Engineering has changed hands in a management buyout deal.
The Wokingham-based business, which offers a range of plant and equipment for hire to the rail and construction industries across the UK, has been purchased by the management team from Julie Mahoney, Insider Media has reported.
The deal was headed by Russell Jack, who is to be the new chief executive, and Tony Hepburn, who is to become the new chief operating officer. The pair have been at the forefront of the business for the past five years.
Mr Jack commented on the proceedings: “Readypower is widely recognised as one of the best asset-heavy service providers in the rail industry with one of the most reliable fleets of machines.”
Adding that: “It is our intention to continue to build on that success, remaining focused on providing the very best service levels. I am very pleased to be partnering with a shareholder in Primary which is committed to investing further in people and assets to sustain Readypower’s growth and ensure we are even better placed to continue to meet our customers’ needs.”
Established in 1992, Readypower is the third largest supplier of rail plant in Britain, and operates from several depots. The company belongs to several associations including the Construction Plant Hire Association (CPA) and the Rail Plant Association.
The deal was guided by Alistair Armstrong at Primary Capital.
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