Jenkins & Davies Mechanical Engineering, a Pembroke Dock, West Wales, UK-based specialist engineering company, has raised £1.5m in equity funding from Finance Wales as part of a management buy-in (MBI).
Jenkins and Davies, which specialises in the petro-chemical industry, undertaking maintenance and overhaul, storage tank refurbishment and heat exchanger maintenance, employs more than 100 people.
David Wright and Martin Kiss have bought in to the business and now will work closely with the previous owners, Mark Davies and Stephen Smedley, to ensure a smooth transition.
Mr Wright will become Financial Director and Mr Kiss, Managing Director, as part of the MBI.
Commenting on the funding, Mr Wright was reported as saying: “The opportunity arose for us to buy the business and work closely with the existing management team. Investment funding from Finance Wales was a crucial part in securing the MBI”.