Managers begin takeover with £1.8m buy-in to aluminium manufacturer

Aug 20 2008 by Aaron Boland, Liverpool Daily Post

WIRRAL manufacturer Anaco Systems has undergone a partial management buyout, worth £1.8m, as part of a succession plan for the business.

The operational management team at Anaco, which designs and manufactures aluminium building facades, doors and windows, has bought 50% of the business as part of a phased buyout.

The vendors, who bought the company in 1994, will remain active directors, but will gradually reduce their roles.

Current managing director Andrew Turner will be chairman.

He said: “We are delighted the existing management team will now take the business forward.

“A measured succession plan is vital to ensure the continued success of Anaco, and we believe the new directors have the experience, energy and enthusiasm to drive the business forward.”

Anaco employs 70 people and turns over more than £10m annually.

The funding package for the buyout includes £400,000 invested by Alliance Fund Managers through the MSIF Mezzanine Fund, support from the Co-operative Bank and investment from directors.

AFM investment director Malcolm Jones said: “The plan is for a gradual and smooth transition from the old management team to the new, which will cause minimum disruption.”