Wed, 29 Dec 2010 | MBO/MBI
Kent-based painting and commercial fit-out contractor S Lucas has announced an internal management buy-out.
The Wrotham-based group, which specialises in commercial finishing, has previously worked on major projects including the painting of Heathrow's Terminal 5, the O2 and, most recently, the 2012 Olympic Stadium.
Managing Director Danny Lucas has acquired the controlling stake in the firm in an MBO from his father Sam, who founded the company in 1971.
Following the planned MBO, Danny Lucas will now take over as chairman of the firm, assisted by commercial director Ken Mulholland. Danny's younger brother Adam and Mulholland also become shareholders of the business, which has a turnover of £8 million.
Since the company was founded, it has enjoyed consistent growth and is now a player within the commercial finishing sector. Danny Lucas said, “There are a number of good jobs on our order book right now.”
Advising on the MBO was Tunbridge Wells-based Meta Corporate Finance. Meta's managing director Mark Ledger-Beadell, said, “An experienced and qualified approach meant the emotional side of the transaction – Danny's father exiting and him taking full control of the business – would not be allowed to delay or frustrate the transaction.”
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