Mills Manufacturing management buyout
1 min read
The directors of Leamington-based machine tool specialist Mills Manufacturing Technology Ltd have successfully completed the management buy-out of the company, which was first established in 1998.
Completed on 13 October, the new arrangement secures 100 per cent of the equity and managing director Mike Jenkins now also becomes chairman. He is joined by fellow directors and shareholders – Andrew Jack, Nick Frampton and Nav Ahluwalia – who, collectively, form the senior management team and are responsible for the future strategic direction of the company.
Funding to support the exit of previous investors Close Investment, who have supported the firm for the past eight years, has been provided by Barclays Leveraged Finance, supported by significant personal investment from the directors.
"This is fantastic news for our staff and for our customers," commented Mr Jenkins. "Our business is looking good for the future. We have the funding, the resources and the people in place – and our sales performance, once again, is well ahead of the market. While it’s certainly a case of ‘business as usual’ for customers and staff – we have exciting plans to grow the company in the future and are confident about our success."
Mills Manufacturing Technology is the fastest-growing machine tool company in the UK. The company has enjoyed consistent growth over a sustained period of time – and in the last three years has seen its sales rocket by more than 40 per cent. Sales turnover for 2006 is well on the way to exceeding £28 million – the best results ever in the company’s history.
Pictured centre: Mike Jenkins (managing director and chairman: Mills) and David Davies (manager: Barclays Corporate Leveraged Finance)
Pictured behind - from left to right: Nick Frampton (director: Mills); Mathew Harvey (partner: Harvey Ingram LLP); Andrew Jack (director: Mills); Nav Ahluwalia (director: Mills); Richard Thomas (Corporate Finance Executive: Grant Thornton UK LLP).
