Thu, 20 Jul 2023 | BUSINESS SALE
Vantastec, a fridge van, temperature-controlled vehicles and conversion firm based in South Wales, has been taken over by an Employee Ownership Trust (EOT). The deal sees the firm’s 38 employees take control of a 51 per cent stake in the business.
The company, which was founded in 2006, operates throughout the UK and specialises in converting refrigerated vans. However, it is expanding rapidly with its range of catering vans, which includes bespoke meals on wheels vehicles. The firm works with all major manufacturers and has a growing trade selling electric vehicles to its customer base, including both private and public sector clients.
Funding for the deal was provided by the Development Bank of Wales, while Vantastec was advised by GS Verde.
Commenting on the transaction, director Gareth Edwards, who co-founded Vantastec with Colin Smith, said that the company’s team had been “central to our success so we were keen to ensure that they have the opportunity to share in our future growth.” He added that the EOT model “is a great way to retain staff, develop skills and ensure accountability for quality as we grow.”
The Development Bank of Wales’ Senior Investment Executive Ruby Harcombe and Investment Executive Emily Jones said that their funding “gives all employees a significant and meaningful stake in the business that they have helped to grow over the last 16 years.”
They added: "It's a great step forward for the directors and staff alike, underpinning greater employee engagement and keeping jobs in Wales in the longer-term should the Directors choose to exit at a later date."
Read about M&A in the automotive sector.
Read more about Employee Ownership Trusts
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