MBO at £10 million Gloucester manufacturer
A management buyout (MBO) has recently taken place at Gloucester-based CDW Systems – a specialist manufacturer and supplier of aluminium windows and doors.
The existing senior management team of Richard Smith, Angela Phillips, Jeremy Phillips, Allan Little, Martin Rowe and Mike Davis have formed a new holding company, East Manor Group which will manage its three operating companies that include CDW Systems Ltd, Clearway Doors & Windows Ltd and Designex Cabinets Ltd.
The MBO comes one year after Mike became Managing Director at CDW and he and the team have acquired the business from its Group Chairman Jerry Webb.
Mike says that although the company has been purchased from Mr Webb, the new owners don’t intend to make any changes operationally to how the business is run on a day to day basis.
Jerry will continue to be very active within the business, reviewing the strategic direction of the business going forward.
Mike comments: “The management buyout at CDW Systems marks the beginning of the next chapter in the company’s history but we also want to stay true to our company’s long-standing values and standards.
“The six of us have purchased the company from Jerry but we are not planning to implement any major changes. Jerry will remain an important part of the business as a non-executive chairman and we look forward to continuing to benefit from his advice and extensive knowledge of the industry.”
Mike also added: “On behalf of the team we’d also like to thank Jerry for this continued commitment to the business and his professionalism and vision in overseeing its success to date.”
Jerry Webb comments: “I’m very pleased that CDW Systems has passed into such experienced and dedicated hands. In my new role I will continue to meet with customers and suppliers. Since the MBO in late September, I feel I’ve been even more actively involved in the company than I have been in recent years, so I don’t see myself slowing down any time soon.”
Handelsbanken and law firm Harrison Clark Rickerbys both supported the MBO.
CDW Systems was formed in 1992 and the last 25 years has seen the company expand along with the UK’s growing aluminium industry. Indeed, last year the joint group turnover was in excess of £10 million and it aims to continue this growth by exploring areas and opportunities to increase the scope of its businesses even further.