Mon, 29 Jul 2024 | MBO/MBI
Viper Innovations, a Portishead-based technology firm, has undergone a management buyout (MBO). Managing Director Edward Davies, Finance Director Hugo Mansfield, Sales and Delivery Director James Carnegie and Operations Director Rebekah Howard have acquired a majority shareholding in the group.
A minority stake has been retained by co-founders and directors Neil Douglas and Max Nodder, as well as investor, partner and customer Oceaneering International Services. Douglas will remain as a non-executive director, as well as serving in an ambassadorial capacity.
Douglas said that his role “will be that of a critical friend, to mentor, support and, when required, challenge the board.”
Viper Innovations has been dedicated to driving growth through global expansion in its core subsea energy and rail sectors. The firm is exploring how existing technologies can be expanded into new markets, with a commitment to developing disruptive new innovations from its current portfolio.
It now plans to intensify its international growth efforts in subsea markets and target further diversification in order to ensure a robust, agile business model.
MD Edward Davies said that the firm’s success “is a direct result of its incredibly talented team.” He continued: “The strong foundations laid by and leadership of our co-founders Neil Douglas and Max Nodder over their 17 years of ownership, has been instrumental in achieving our current success.
“Neil and Max have now entrusted the new majority shareholders to carry forward this legacy, ensuring that our trajectory of growth and innovation continues. Their and Oceaneering’s continued investment in the business in terms of time and their shareholdings are a testament of their faith and trust in Viper and all its people.”
Co-founder and directors Neil Douglas and Max Nodder said: “We have thoroughly enjoyed building the business that is Viper Innovations.”
“The business has brought valuable innovative solutions to critical industry challenges, providing great benefits to both the Subsea and Rail industries.”
Edward Davies added: “The Viper team has always driven and embraced positive change. We remain fully focused on serving our customers, partners and investors with the same dedication and excellence. Business continues as usual, and we look forward to building on our strong foundations together.”
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