Winder Power, established by the Winder family over a century ago, specialises in the design and manufacture of power generation and electrical equipment into end markets where quality of product is paramount such as the utility, defence and engineering sectors.
Advisors from BHP Corporate Finance assisted the management team to source and structure a funding package which involved equity investment from EV Group and banking facilities (term debt and working capital) from Bank of Ireland. The deal provided an exit for outgoing executive chairman Richard Asquith and YFM, which backed a buyout led by Mr Asquith in 2005.
Operating from a substantial manufacturing facility in Leeds and employing around 100 people, Winder Power has grown significantly since the original buyout. The company is on course to hit annual turnover of £15m in this financial year and is extremely well placed to capitalise on future opportunities arising from the growth in energy infrastructure investment.
Led by partner Hamish Morrison and assistant director Andy Haigh, BHP Corporate Finance provided integrated lead advisory and transaction tax advice to the management team headed up by Managing Director Laurence MacKenzie and incoming chairman Harry MacCracken.
Laurence MacKenzie commented “BHP worked very closely with me in securing the management buyout of Winder Power. As might be expected in these unceratin times the process took quite a long time in gestation but BHP remained incredibly focused and supportive. Deals like this very often come down to people and the BHP team demonstrated tremendous ‘softer’ skills as well as being first class corporate finance advisors. We were well served by BHP and would recommend them very highly.”
Hamish Morrison commented “Laurence Mackenzie joined Winder in 2011 to help grow the business. This secondary buyout provides an excellent platform for the undoubtedly strong management team to continue the excellent growth story started in 2005. Whilst the wider economic climate remains challenging, this deal reflects the strength of UK manufacturing, the outlook for growth in this important sector and a strong appetite locally to fund quality transactions.”