Mon, 19 Jun 2023 | MBO/MBI
A £32m-turnover business based in Grimsby has been acquired in a management buyout (MBO).
Blackrow Group, which is a multi-disciplinary specialist engineering services business, provides fabrication and installation services to blue chip customers globally. The company has over 300 employees and counts PepsiCo, KP Snacks and Knauf as customers.
The MBO was funded by ABN AMRO Commercial Finance UK which provided new facilities to fund the transaction.
Blackrow, which has been through a number of buy-outs over the last 40 years, was advised by corporate finance advisers, Dow Schofield Watts, legal adviser Andrew Jackson Solicitors and tax adviser Tax Advisory Partnership. ABN AMRO was advised by Shoosmiths. The MBO Team was advised by Wilkin Chapman.
As part of the MBO, Blackrow’s managing director Tony Booker, sales director Gary Pexman, operations director Nick Rands, structural/piping director, Luke O'Brien and Callum Day electrical director, have joined the board and become majority shareholders. Blackrow's current directors and shareholders who are finance director Neil Ellis as well as Chris Marfleet, Darren Broughton and Glenn Richie are to remain on the board and retain an investment in Blackrow.
Neil Ellis said: "The current shareholders of Blackrow have had succession plans in place for some time and its very pleasing to have seen the MBO team take shape over the last few years and to transition into leadership roles, delivering excellent service to our customers and driving fantastic growth for the business. We believe that Blackrow is in very good hands for this next phase of its growth."
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