Thu, 12 Apr 2018 | MBO/MBI
A recently-completed management buy-out (MBO) at a Scottish printing company has seen the firm’s original founder step aside to let the new management team take charge.
Bill Fawcett, a businessman who founded Aberdeen-based XIC and has been running the company for some 32 years, has formally signed over his ownership of the firm to a new management team.
New managing director Murray Alexander, formerly operations manager, has taken over day-to-day management of the firm alongside Jason Moir, formerly a business development manager, now a director at the printing company.
XIC was first launched in 1986 when Fawcett himself carried out an MBO of the print franchise he had run for a decade called Xpress Print. He oversaw the company’s transformation from just one copy shop into a fully fledged commercial printing business that provided design, print and digital services to clients across Scotland.
Under the new MBO terms, Alexander has taken a 60 per cent stake in XIC, while Moir has a 15 per cent ownership. Fawcett has retained a 25 per cent shareholder but handed over the reins to pursue “other interests outside the print industry”.
The deal was overseen by law firm Aberdein Considine. It markets the end of an ongoing growth period for XIC, which has received investments of up to £200,000 to improve the business’s output and allowing it to bring several processes completely in-house.
XIC currently enjoys a turnover of £1.2 million and employs 19 staff at its Aberdeen headquarters.
Moir said that the deal was the product of at least a year of planning between Alexander and Fawcett.
He added: “With my background as a designer and Murray’s as a printer, we have worked closely for around 20 years. He took me aside and asked if I was keen to help with the MBO as my role is about external sales and growing the business.
“Bill is never one to jump into decisions and could have simply sold his company to a competitor but instead chose to support his loyal staff by passing on his business that he built from nothing 32 years ago.”
The wholesale business has an established trading history and has built up a strong reputation and a loyal customer base. Business is drawn from a wide demographic of clients with a good spread across different business sectors.
This is a unique opportunity to acquire a company specialising in luxury performance cycle clothing, utilising the finest specialist fabrics and cutting-edge construction techniques.
A leading internet-based provider of customisable and curated beauty box services. Over the last decade, the business has evolved from a premier subscription service to a leading internet-based provider of highly attractive and rapidly expanding beau...
WEB-BASED
11
|
Jul
|
Holiday letting agency acquires Cornish self-catering holiday specialist | BUSINESS SALE
Travel Chapter, a leading UK holiday letting agency, has ann...
11
|
Jul
|
Power services firm set to be acquired by US energy resilience group | BUSINESS SALE
The Wilmott Group Limited, a power services group with opera...
11
|
Jul
|
Dunfermline vehicle manufacturing services firm enters administration | ADMINISTRATION
A specialist manufacturing business based in Dunfermline has...
Business Sale Report is the complete resource for finding genuine acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.