Thu, 22 Feb 2024 | MBO/MBI
The founder of Vision Techniques, a Blackburn-based transport safety equipment provider, has sold the company via a management buyout (MBO). The deal sees the management team of Dave Smith and Sarah Taylor take over from founder Michael Hanson and transition to the roles of Managing Director and Finance Director, respectively.
Hanson founded Vision Techniques in 1988 and it has grown to generate more than £7 million in turnover and £573,000 in pre-tax profits, as of its 2021 accounts. The company develops and supplies vehicle safety equipment used in an array of industries, including construction, agriculture, waste management, quarrying and mining.
The company supplies products including collision avoidance systems, on-board vehicle cameras and a range of warning alarms. The firm has a focus on product innovation and has recently begun adopting technologies such as AI and solar power harnessing technology to improve its solutions.
Vision Techniques was advised on the deal by Blackburn’s Pierce Accountants, with Pierce’s corporate finance team advising its shareholders on numerous exit options. It was decided that an MBO provided the best solution for all parties and would help to ensure the company’s long-term independence.
Once this was determined, the MBO process was guided through to completion by Pierce Accountants’ Corporate Finance Team, led by Finance Director Steven Bell with support from Tax Director Dominic Ball. Funding for the transaction was provided by Mercia Asset Management.
Pierce Corporate Finance Director Steven Bell commented: “Early on we recognised the high quality of the management team within Vision Techniques that has been instrumental in driving the business to where it is today, strengthening its exceptional reputation in the sector.”
“Selling to management was clearly the best option for Shareholders and the Company. We are pleased to have been able to provide guidance to the shareholders and deliver a transaction that secures the long-term success and independence of Vision Techniques.”
Following the MBO, Michael Hanson will remain on the company’s board, also retaining an equity shareholding, in order to provide continuity and his ongoing expertise.
Vision Techniques Managing Director Dave Smith said: “I would like to thank Michael for the opportunity to lead the MBO. Sarah and I are keen to build upon the exceptional reputation that Michael and the Shareholders have created over the last 36 years. We will continue to invest in innovative solutions, delivering world-class products to our clients.”
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