Deal secured engineering firm
Early owners exit in MBO at Marmac Services
The company’s contracts have included steelwork repairs to the Erskine Bridge
Managers at Marmac Services, mechanical & electrical engineering and contracting service provider, have acquired the business.
The deal, which will enable existing shareholders to exit the Clydebank-based business, was led by Brian Lofnes, managing director, and Chris McCall, contracts director.
The transaction was financed by the exiting shareholders and NatWest Bank, with advice from Chiene + Tait, Omnium Law and Kingsley Wood Solicitors.
The management team had received offers for both a debt and an equity structured buy-out, but selected the NatWest option as the one which offered the greatest flexibility over the next few years.
Marmac Services was established 2002 and will continue to deliver a variety of high quality engineering support services to a broad spectrum of sectors including commercial, industrial, infrastructure, education and health.
Brian Lofnes who together with Chris McCall are now 100% owners of the business said: “It took us longer than expected to complete this transaction but that is the price worth paying for a properly structured deal, which puts Marmac in an even stronger position to deliver best-in-class services for its clients over the coming years.
“We will remain ever grateful for the support and utter fairness shown by the exiting shareholders during this transaction, without whom this would never have happened. They established this business 15 years ago and Chris and I are delighted that two of the vendors have agreed to continue to have an active involvement with Marmac for the next few years.”