Thu, 17 Mar 2011 | MBO/MBI
Wales Environmental, one of Britain’s fastest growing companies, has been bought by a management team from owners Adrian Joyce and Martin Woodhall.
The MBO deal has been backed by Finance Wales, and while the deal value has not been revealed, it is thought to be amongst the largest deals that the firm has executed.
Mr Woodhall founded the liquid waste management and drain services provider business in 1979. Adrian Joyce is to remain at the company in the role of non-executive director and equity holder.
Based in Templeton, Wales Environmental offers its services to customers in Wales and central England. It has long-term contracts with blue-chip clients including Alstom and Kelda, as well as several commercial and residential customers.
The management team intend to focus on substantial growth in Wales and to expand into other parts of England, organically and by acquisition.
The MBO deal was led by David Busby and Llyr Williams, both of whom have been at the business for several years.
“Wales Environmental has long-standing relationships with its key customers, and a reputation for providing an excellent customer service over many years,” Mr Busby said.
“This transaction provides us with a robust platform and funding structure to achieve our growth strategy.”
Wales Environmental posted revenues of £3.1 million for the year to 31 March 2010, with a pre-tax profit of £1.4 million.
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