Magnet Expert Ltd, the parent company of first4magnets®, has been bought from chairman Ian Asquith in a transaction advised on by Roy Farmer and Jenny Moore of Dains Corporate Finance.
The management buyout, led by managing director Matthew Ellis, follows a record-breaking year for the company.
The company has been acquired by the existing management team consisting of managing director Matthew Ellis, operations director Stuart Mather, finance director Lindsey Melady and sales director David Gault with previous owner Ian Asquith retaining a significant minority stake and moving into the role of non-executive chairman.
Matthew Ellis said: “We are all excited about Magnet Expert’s future and we’re all honoured to be able to take the company forward. We take absolute pride in offering an outstanding service to our customers and are committed to keeping our customers and employees at the core of everything that we do. I feel that this process has given us the best of both worlds, allowing our management team to look towards developing the company further while retaining the input of Ian, a leading expert in the magnetics industry.”
Ellis and Mather who have jointly acquired a controlling interest in the company have each been with the company for more than six years. Ellis was appointed managing director in 2014, previously holding the position of sales director. Mather was appointed operations director in 2012.
On handing over the company, Ian Asquith said “I am absolutely thrilled to have been able to pass on the company to the management team. It is always a heart-warming sentiment that I know they will continue to operate the company with principles on which I founded the company; quality products and an outstanding service for which we are highly regarded. I am looking forward to seeing the company continue to grow under its new ownership.”
Roy Farmer from Dains Corporate Finance added: “It has been a delight to work with Ian, Matthew and the team on this transaction. Magnet Expert is a great example of a business which prioritises service at its core which in turn promotes a tremendously positive reputation. Ian has built a fantastic management team who have been responsible for driving the company’s growth in recent years, with that growth set to continue under the management team’s ownership.”
Mr Ellis thanked the companies who had played a key role in guiding all parties through the management buyout including Roy Farmer and Jenny Moore of Dains Corporate Finance, David Arthur and Paul Smith of HSBC Bank plc, Mazars plc and corporate lawyers Martyn Brierley of Flint Bishop LLP and David Kaplan of Nelsons Solicitors.