Greenaway Scott advise on management buy-in
Thursday 1st October 2015
The corporate team recently advised on a management buy-in (MBI) which has set a South Wales engineering company on an impressive path to growth.
Traker Engineering was established 38 years ago and supplies metal work to the amusement, automotive and engineering sectors. Clients include major south Wales blue chip companies.
Managing Director and new owner Gary Henley, said: "We supply local businesses and clients further afield, with around 40% of our work in the gaming and amusement industry. Other work is for general engineering clients and the motor industry.
"Our business plan predicts hitting the £1 million turnover mark within five years, by which time we will have added 20 new jobs to the present workforce of six."
The buy-in funding package was supported by Tata Steel subsidiary UK Steel Enterprise and Finance Wales, each of whom have contributed a third of debt funding. The remaining capital came from the directors.
Gary Henley was advised by Greenaway Scott and business advisers XBA.
Gemma Davies of Greenaway Scott, said: "Traker Engineering is an established, successful business, which has secured a promising future with Gary taking ownership of the company. Following completion of the MBI we are pleased to have Traker Engineering on board as a retainer client so we can provide the commercial support the company needs to achieve their plans for growth and realise the full potential of the business"