A Tyneside construction industry supplier has completed a management buyout following its founder鈥檚 retirement.
Gateshead based Fall Protection 海角视频 supplies and installs safety decking services to the construction industry, including fall prevention systems such as fall safety bags and working platforms, for housebuilding and commercial projects across Northumberland, Tyne and Wear, County Durham, Teesside and North Yorkshire.
Launched in 2003, the firm has clients including Esh Group, Keepmoat Homes, Avant Homes and Miller Homes.
Now the firm鈥檚 shareholders have worked with FRP Corporate Finance鈥檚 Newcastle team, led by partner Abu Ali and supported by associate director Graham Brown and manager Niall Choat, on a succession plan that would allow its founder and former managing director, John McGowan, to retire.
The team designed the MBO to 鈥渟ecure the firm鈥檚 legacy and position it for future growth鈥, while also introducing the management team to debt adviser CCBS, to support them with a finance raise.
Abu Ali, partner at FRP Corporate Finance, said: 鈥淢BOs can offer company founders an attractive alternative to taking the business to market, enabling them to exit the company while ensuring a smooth transition to the existing management team.
鈥淲ith growth in 海角视频 housebuilding high on the national agenda, this is an exciting time for Fall Protection 海角视频鈥檚 management team to step into an ownership position and apply their skill and experience to take the business to the next level. We wish them and the entire team best of luck for the future.鈥
Mr McGowan, former Fall Protection 海角视频 shareholder and managing director, said: 鈥淭his deal marks the start of a new chapter for Fall Protection 海角视频 and FRP Corporate Finance gave us confidence that this was the right option for the business. The team helped secure an excellent outcome for all parties and their guidance through every step of the MBO process was invaluable.鈥
Other advisers in the transaction were Sintons, 1st Cloud Accountants, Savage Silk and CCBS.
