MBO for Lorient
We're delighted to announce that Maria Simmonds, Managing Director, Tom Kingdon, Finance Director and Jason Williams, Operations Director have successfully mounted a management buyout for the majority of Lorient Holdings Limited, – the company that owns Lorient Polyproducts Ltd, Lorient North America Ltd and Lorient Pacific Ltd. In a multi-million pound deal, the team, with over 30 years experience between them, offers continuity and security for their Devon based headquarters and overseas operations. Founder Rob Mann, retains a stake in the business, and in fact has provided a significant part of the finance to allow the deal to complete without the need for external venture capital. As a key contributor and investor, his involvement remains at the heart of the business; continuing to serve as Technical Director providing strategic direction on significant international projects. Advisors for the deal included Francis Clark, Stephens and Scown, Foot Anstey – all of Exeter; Allied Irish Bank, Bristol; alongside independent acquisitions expert Peter Stanley.
This exciting news has been welcomed and supported by staff and suppliers alike – as it is a proven, well known and successful management team that will continue to lead Lorient; retaining the strong values that have earned the company its reputation for innovation, manufacturing excellence and service over its 30 year history. While no immediate changes are planned, it is hoped that this new era can bring with it some fresh thinking, new energy and deliver even greater customer value for the future.
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