Tue, 25 Sep 2018 | MBO/MBI
A recruitment business headquartered in Pontypool, South Wales has successfully completed a management buyout (MBO) backed by HSBC and the Development Bank of Wales.
ALS Managed Services – a firm established in 2014 with a specialisation in the recycling and warehousing industries – has experienced impressive turnovers of more than £26 million and has been taken over by chief executive Steve Lanigan.
The banks provided a combined funding package of more than £1 million which allowed the major shareholders to exit the business smoothly. Their departure has enabled the development bank to take a 20 per cent equity stake in the new firm.
The business manages on average 1,100 temporary workers per week and is considered one of the fastest growing companies in the industry.
Lanigan said: “We are very lucky to have such a talented team driving our growth in the UK recruitment market.
“I am personally very grateful for their hard work and commitment over the last four year, and their evolution into the future leaders of our business.”
The funding package from the development bank through the Wales Management Succession Fund has allowed ALS to move into a new 3,500 sq ft office unit in Caerphilly. It is hoped that the larger working area will enable the business to increase its client services and to increase the number of its added value initiatives.
Stephen Galvin, a senior investment executive at the Development Bank of Wales, said: “Planned succession is the route to a successful exit. Having worked with us over the last 18 months, the team at ALS really have delivered a textbook example of a planned MBO transaction.”
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