A Tredegar-based structural and basement waterproofing business has been acquired in a management buyout.
Dominic Thew, general manager of Atal 海角视频, has acquired the business in a deal part-funded by a seven-figure debt and equity investment from the Development Bank of Wales.
Founded in 2012 and based on the Tafarnaubach Industrial Estate., Atal now employs 19 people and provides structural and basement waterproofing services along with ground gas protection solutions for architects, contractors and groundworkers throughout the 海角视频.
Mr Thew, who joined the business in 2015, takes over the business founder David Rees.
He said 鈥淚鈥檝e worked alongside David over the last ten years to help build Atal as a leading 海角视频 provider of structural and basement waterproofing services. Using the most advanced materials available, we offer a comprehensive range of value driven and cost-effective bespoke solutions for individual projects. We also provide expert onsite training with regular site inspections to help the installers throughout the work.
鈥淲e have always invested in our people who have played an important role in our journey to date. As a team, most of whom are local, we鈥檙e proud of our reputation where we encourage one another to grow themselves and now look forward to growing the business alongside the support of Simon Thomas as our new chair and the development bank as our investment partner.鈥
Scott Hughes, senior investment executive with the development bank, worked on the deal alongside investment executive John Babalola.
Mr Hughes said:鈥淚t鈥檚 great to be able to support a long-standing employee to take the reins at Atal, an established business providing essential, legally-required services to the construction industry. This buyout not only preserves the company鈥檚 legacy, but also safeguards jobs and ensures continued service excellence for their clients.鈥
The deal was also supported by Alex Butler at Geldards Stephen Thompson at Darwin Gray; and Tanya Wilson, formerly of Haines Watts.
The investment by the development bank came from its 拢25m Wales Management Succession Fund. Financed by Welsh Government and the Clwyd Pension Fund, loans and equity investments between 拢500,000 and 拢3 million are available for management teams seeking to own and run their own business. Terms range from one to seven years.
