Two divisions of Wyko Industrial Services have successfully completed an MBO from the group. PPL, a specialist in polyurethane elastomer moulding and Tufthane, a market leader in polyurethane dunnage were purchased by the management team for GBP2.4 million.
The two divisions currently employ 88 people and have a combined turnover of around GBP5 million. The management buyout was led by Wynn Crorkin, Bill Popplewell, Andrew Edmondson and Nigel Williams and was advised by Jon Hustler, Rob Britton and Martin Spick of Tenon Corporate in the East Midlands. Funding was provided by Steve Currie at NatWest Development Capital and Sue Varley and Ian Howey from Fortis Bank.
Wynn Crorkin, managing director, said: “Over the last six years the polyurethane activities within Wyko have grown in both size and profitability and the operations now have first class facilities with the resource to grow further. With the backing of NatWest Development Capital and Fortis, we shall now have greater scope to pursue acquisitions, as well as exciting organic growth opportunities.”
Austin Moore of Gately Wareing provided legal advice to Fortis Bank and Richard Cox of Browne Jacobson provided legal advice to NatWest Development Capital.