Winder Power, a Leeds, UK-based manufacturer of power distribution and generation equipment, has completed a £6m management buy-out backed by Enterprise Ventures and Bank of Ireland UK.
Following the close of the transaction, the company will be led by Managing Director Laurence MacKenzie, Operations Director Andy Pinkney, General Manager Paul Matthews and Finance Director Jo Evans. Both Andy Pinkney and Paul Matthews were already shareholders in the business. They will be joined by a new chairman, Harry McCracken, who is the former group managing director of Viridian Power & Energy.
The deal provides an exit for outgoing executive chairman Richard Asquith and YFM, which backed a buy-out led by Mr Asquith in 2005.
Founded over a century ago, Winder Power employs around 100 people in its two divisions:
– Winder Electrical, which specializes in the design and manufacture of power and distribution transformers for use on electricity networks, and
– Newton Derby, which supplies generation equipment for sectors including marine, rail and aviation.
Customers include SSE plc, Northern Ireland Electricity, Electricity North West, GE Energy, Inneos Chemicals, Air Products and Powerteam.
FinSMEs
10/01/2013