Fri, 27 Sep 2024 | MBO/MBI
Forden Concrete Products, a Powys-based precast concrete company, has undergone a management buyout (MBO) part-funded by a £45,000 Development Bank of Wales loan. The deal sees Director Shane Clee acquire the company from founder Geoffrey Jarman, who established the business in 1978.
Forden utilises a range of quality materials and traditional techniques to manufacture a wide range of precast concrete products. The company’s products are used in the dairy and agricultural industries, including for feed and water troughs, slurry systems, gate posts, portable cow stalls and cattle foot baths.
Following the MBO, the company, which has 24 agents across the UK, is seeking to diversify its product range through the introduction of new lines, including concrete wall panels for use in domestic and commercial gardens.
Shane Clee commented: “After 24 years with Forden, this is a great opportunity to take on the business myself and work with our close-knit team to continue doing what we love and know best.”
“We’ve worked closely with Geoff to build the strong reputation that we have and now look forward to getting stuck-in with our plans for future growth but we wouldn’t be doing it without the help of the Development Bank.”
The Development Bank of Wales’ loan for the MBO came from its £500 million Wales Flexible Investment Fund. The fund, which is backed by the bank’s owner the Welsh Government, provides loans, mezzanine finance and equity investments ranging from £25,000 to £10 million.
Development Bank of Wales Investment Executive James Ryan said: “We are here to help businesses become established, grow and thrive. A core part of our remit is to support management teams who want to run their own business so we’re pleased to have been able to help Shane to become the new owner of Forden, particularly as it is a well-established business that employs local people. We wish the team every success.”
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