RBS backs deal
Shopfitter Primero targets new sectors following MBO
Bruce Donnachie, far right, tours the premises with advisers to the deal
New owners of shopfitting firm Primero Contracts plan to diversify into the property development and housebuilding markets after completing a seven-figure management buy-out.
The Dundee-based firm, which was founded in 1993 by Frank Ward and the late Kevin Knox, has been acquired by Contracts Manager, Bruce Donnachie, and his wife, Gordana.
It follows the planned exit of its long-term managing director, Frank Ward, and his wife and fellow director, Stephanie.
A long-standing and successful local business, Primero Contracts employs more than 40 people and offers a full range of interior fit-out services to a host of major clients.
The MBO, supported by a financing package from Royal Bank of Scotland, will also lead to further expansion of the workforce. A new contracts manager has been hired.
The acquisition of Primero Contracts was supported by Tayside and Fife accountancy, tax and business advisory firm, EQ Chartered Accountants, and law firm, Ennova Law, which recently opened an office in Dundee.
EQ Chartered Accountants provided strategic advice throughout the management buyout process and has now been appointed to provide Primero Contracts’ with full-time accountancy and tax advice.
Bruce Donnachie, managing director of Primero Contracts, said: “We are entering an exciting new era for the company. Throughout my time as contracts manager, I witnessed the business grow from strength to strength under Frank and Stephanie’s leadership and we look forward to building on that positive momentum.
“We are extremely lucky at Primero Contracts to have a fantastic mix of dedicated employees and loyal clients, creating a strong opportunity to drive further growth for the business.”