Sat, 14 May 2016 | MBO/MBI
A successful management buyout (MBO) has been completed at road and rail vehicle supplier TXM Plant, reports Insider.
TXM Plant, which operates out of nine regional depots across the UK, has been subject to an MBO led by a trio made up of managing director Gareth Richardson, business development director Rob Killen and finance director Patrick Matthews. As part of the deal, the team have drafted in former board director for Network Rail Keith Ludeman, who will serve as a non-executive chairman for TXM Plant.
The Milton Keynes-headquartered road and rail company, which supplies Network Rail and its major contractors with vehicles for maintenance, track repairs and other large-scale infrastructure projects, has more than doubled its turnover to £45 million over the last three years. It has achieved this primarily through various major new contracts secured over the same period.
Gareth Richardson said of the MBO: "After a period of solid growth, now was the right time to accelerate the next stage of the business’ growth journey.
"Developing first-class rail infrastructure is a major national priority, and we are well-placed to be at the centre of many of these exciting projects as lead partners to our clients.”
For more information on the subject of MBOs and other business-buying strategies, see the Business Sale Report resource on what to look out for when buying a business.
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