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.”
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