Seed Developments under new management after £2.5m MBI
Financial support provided by HSBC
A four-strong team of investors has completed a management buy-in (MBI) to plant cultivation materials business Seed Developments, worth a total of £2.5m.
The MBI has been led by Andrew Gould, currently chief executive of Verand Consulting, who will assume the position of managing director of the Somerset-based investee.
HSBC’s North Devon and South Somerset Commercial Centre, led by international commercial manager Mark Perrins, provided financial support for the deal.
Seed Developments, which produces materials for the cultivation of flower and vegetable seeds, was founded back in 1866. The company now commands a 70% share of its market, and boasts annual revenue of £2.3m.
Gould is confident he can build on this impressive recent performance, saying: “We believe the UK is a real untapped market for this product, but there are also strong growth opportunities in our current international markets and, potentially, beyond.
“We are a highly experienced management team and have a clear strategy of where we want to take this company. This MBI shows that deals can be done if the right people and businesses are involved.”