The 海角视频’s leading industrial cleaning and waste recovery services firm, Pembrokeshire-based Celvac (Celtic Vaccum), has been acquired by its employees.
Set up 1993 by Kim, Joan and Nigel Beynon, its 68 staff have acquired equity via an employee ownership trust (EOT). The value of the deal has not been disclosed.
The company has its main manufacturing facility and head office in Tenby, but also has bases in Port Talbot, Connah’s Quay and Slough. It provides services to the 海角视频 water, petro-chemical, construction, manufacturing, refining and food industries.
Various exit alternatives were considered as part of the founders’ succession solution, including a trade sale. However, it was concluded that this would ultimately have led to the company being broken up and Welsh jobs lost.
Kim Beynon said: "Since starting from scratch 30 years ago we have built an extremely successful business through innovation and the delivery of excellent services via our great on-site teams, who often work in extremely hazardous confined space conditions.
“We design and build all our specialist vacuum recovery, screening and waste separation equipment in Tenby and export to the Middle East, so a sale to a competitor was not really an option as we are passionate about retaining our people and business in Wales."
He added: "When we learned how a EOT works, we thought it was the perfect solution. It meant we could pass the company on to the whole Celvac team, who have worked so hard to make it the business it is today and enable them to share in its future success for many years to come. We get to have a little more time to ourselves so it’s a win-win on all fronts”
Claire Gottwaltz, managing director of Celvac, said that all staff members were engaged in the process from day one. She added: "We held an employee election ballot to appoint our EOT board of directors and were delighted when ten individuals put their names forward. Everyone was very enthusiastic and engaged in the process.
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“From that election two people from site operations, Callum Rowley and Phil Lewis were appointed as directors of the EOT. They are joined on the EOT board by Sarah Hughes, our HR manager and Ben Field-Thomas, our operations director.”
“Every employee has a vested interest in the ongoing success of Celvac, knowing that there is job security and financial rewards if we continue to do a great job for our clients. We want to remain as the leading industry specialists for the next 30 years and knowing that our efforts will contribute to this success is very fulfilling. Although this has been a big internal transition, it’s business as usual and we are all excited about the future."
Celvac was advised by Social Business Wales, which is delivered by Cwmpas.
Sarah Owens, specialist employee ownership advisor for Social Business Wales, said: “Employee ownership is an ideal way to keep a business intact and in a geographic area, especially one with such a great history and specialism.
“The Beynons looked at all of the options available to them before deciding an EOT would be the right way, and with an experienced senior management team already in place, it was the perfect solution for them.”
Law firm Geldards advised Celvac on its EOT transition. Andrew Evans, Partner at Geldards, said: “Geldards were delighted to work with the Celvac team to enable the successful transition of Celtic Vacuum Limited to employee ownership.
"The sale of Celvac to an employee ownership trust will enable the company to avoid the disruption of a trade sale and allow the existing management team and employees to grow the business. We look forward to working with Celvac to support the trustees and the employees in their continuing journey.”
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