Asbestos firm Shield perform MBO
Shield Environmental Services, the asbestos removal company, has undergone a management buy-out.
The deal provides an exit for company founders Philip and John House who established the company in 1979.
Shield originally set out to provide insulation to customers, however as the dangers of asbestos became apparent the company adapted and became a removal service.
The company has responded to changes in legislation over the past few decades and has expanded both its reach and services and now has offices across the South West and also one in Newcastle.
Clients include local councils, the Ministry of Defence, the NHS, housing associations and national retailers.
The founders appointed Target Corporate Finance last year to work out possible options for the business’ future.
The multi-million pound MBO has been led by the younger brother of the founders, Julian House, who has become managing director as a result of the team.
Julian House, managing director of Shield, said: “As a management team we are excited about the growth prospects for Shield.
“The business has a strong reputation which has recently led to several major new contract wins.
“We will be looking to further grow Shield’s presence in the market over the coming years.”
Other members of the management team include Paul Foster, Ian Hewer, Rob Miotla and Barry Dix.
The deal was funded in part by the vendors and a debt package provided by The Royal Bank of Scotland, led by Matt Hatcher.
Legal advice was provided by Capital Law which advised the management team and Clark Holt which advised the shareholders.
© Crimson Business Ltd. 2006