Mon, 01 Sep 2014 | MBO/MBI
Emergency chair maker Evac+Chair has, with the support of accountancy firm Smith Cooper, completed a management buy-out deal.
The move will support the Birmingham-based business’ endeavour to expand its Emergency Solutions brand. Evac+Chair designs, makes and supplies evacuation equipment that helps people escape safely during an emergency. It now intends to create new products and solutions to continue meeting needs in the emergency services industry.
It also aims to expand its workforce over the next year to help it to establish a presence in other countries.
The MBO was headed by managing director Mark Wallace, with Smith Cooper acting as adviser on the deal structure, tax, and corporate governance. Financial support in the deal was provided by various advisers and funders, with Lloyds Bank Commercial Banking being one of these parties.
With the business growing well, and after a retirement in the management team, Mr Wallace said, it was an opportune time to push ahead with their expansion plans.
He added: “We are continuing to develop new products and our sales and export team is working hard to market our Emergency Solutions brand to overseas distributors, and it’s thanks to the on-going support of Smith Cooper and Lloyds Bank that we are able to continue to innovate and lead within our sector.”
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