Gresham takes control of Warrington-based factory management firm following MBO
Private equity firm invests £23m for majority stake
Mid-market private equity firm Gresham has taken control of Integrated Engineering Stores Associates (IESA), a Warrington-based provider of outsourced factory management services, following a management buy-out.
Gresham has invested £23m to support the MBO, led by IESA’s chief operating officer Jon Davidson, and has now taken a majority stake in the business.
Andy Marsh and Mark Blower, partners in Gresham’s Manchester office, have joined IESA’s board as part of the deal, and the acquisitor has already announced plans for growth and diversification.
Gresham says it intends to move IESA’s headquarters to Birchwood Technology Park, Warrington’s most advanced business hub, and explore international growth opportunities.
Founded in 2001, IESA achieved £80m turnover in the last financial year, and is expected to pass the £100m barrier this financial year.
Commenting on the deal, Blower said: “IESA is a great investment for us. Its market-leading software differentiates it from its competitors and is unrivalled in the UK.
“We believe this is a fantastic opportunity and, with its strong track record, recent customer wins and our investment and experience, we will work together to exploit the market opportunity presented in the UK and indeed internationally.