Tue, 28 Oct 2014 | MBO/MBI
Heat transfer label maker Polymark has changed ownership in a management buy out deal.
Polymark’s UK managing director Jim Clementson bought the business from Ian Elliot, with the relocation of the holding company from Paris to Daventry, Northamptonshire.
Established for over 50 years the business is run from offices in the UK, France, Germany and Portugal. Its heat transfer labels and badges, with printed logos and emblems, are used on industrial work clothing for companies including Michelin Tyres, Audi and Ford.
The £5.5 million turnover company has another division focused on supplying industry laundry equipment such as washer extractors, finishing systems, and wrapping machines for rental laundries, caterers and automotive manufacturers.
HSBC provided finance support for the management buy out deal in the form of a £440,000 funding arrangement from a commercial team in the UK headed by senior international commercial manager Nick Broome, who worked in concert with HSBC France.
Mr Clementson commented: “This was a complex transaction and one which needed to be executed in a tight time frame.
“We have exciting growth plans for the business both in the UK and overseas.”
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