Winder Power announces that it has completed a management buy-out, backed by Enterprise Ventures and Bank of Ireland UK, which ideally positions it to take advantage of the growth opportunities arising in the key utility and industrial sectors.
The company will continue to be run by its existing highly experienced management team of managing director Laurence MacKenzie, operations director Andy Pinkney, general manager Paul Matthews and finance director Jo Evans, who are all shareholders in the company, ensuring the continuity of customer service and quality.
The management team will be joined by a new chairman, Harry McCracken, who has over 40 years’ experience in the power industry and was formerly group managing director of Viridian Power & Energy. The deal also provides an exit for outgoing executive chairman Richard Asquith, who leaves the business with the best wishes of the whole team.
This MBO comes at a time when Winder Power is on target to grow sales by 50% to £15m in the year to the end of March 2013, with a secured order pipeline in the region of £7m.
Commenting on the company’s start to the New Year, managing director Laurence Mackenzie said; “The MBO puts us in an ideal position to ensure that we make the most of the opportunities that will come our way over the next few years. There are strong indications that investment in the energy infrastructure will continue to be made, and with our growing blue chip customer base we are extremely well placed to take advantage of this.
“We would also like to welcome Harry McCracken on board as our new chairman. Wayne Thomas, Investment Director at Enterprise Ventures will also be joining the Board. We are very much looking forward to working with Harry and Wayne.”
“In most ways, though, it is business as usual inside the organisation, where we are very fortunate to have a hard working and forward thinking team focused on providing the very best service to our customers.”
Andy Pinkney, Jo Evans, Laurence Mackenzie, Paul Matthews