The management buyout process presented us with the opportunity to secure new investment and support, enabling us to strengthen our market leading position. Some of our management team had been with the business for 40 years; so it was critical to get the right partner on board to work alongside this highly experienced team and accelerate our future growth potential.
This was the first time I'd led a management buyout, and quite simply we wanted a backer with the sector knowledge and enthusiasm to help us deliver! On meeting LDC it was immediately clear that the LDC team, led by Andy Lyndon, was the right fit for our business. There was a great chemistry in the boardroom, and LDC's in-depth industry experience was an attractive proposition for a firm manufacturing premium quality goods.
LDC understood the dynamics of our business and in October 2014 supported our £42million management buyout from parent company IMI plc, a global engineering business.
From the outset we felt the benefits of this partnership. We needed to establish the governance, controls and systems of being a standalone business rather than an arm of a plc, and this successful transition period was in no small part due to the significant support we received from LDC.
Welcoming LDC's Chris Handy to the board as a non-executive director has also introduced a new mix of experience to the table. Chris' engineering background has been incredibly insightful, and hearing how other markets operate challenges our thinking and stimulates conversations to explore alternative ways of working we haven't considered before.
That being said, LDC respect that we are the experts. They trust that we know our business inside out and which direction it should move in, and this collaborative approach has allowed us to focus on delivering growth and innovating our product range.
It's been a match made in the Midlands, and I'd certainly encourage management teams to explore private equity backers when looking for new investment.