Leading emergency chair manufacturer Evac+Chair has completed a management buy-out with the support of accountants and business advisory firm Smith Cooper, and is now focusing on growing the global reach of its innovative Emergency Solutions brand.
The Birmingham-based business designs, manufacturers and supplies evacuation equipment to ensure a safe exit for users during an emergency, and is now accelerating plans to develop new products and services for its clients in the emergency services sector.
The management buy-out was led by Managing Director Mark Wallace, who has now been joined by new Sales and Marketing Director Mark Roberts. The business is now well positioned to capitalise on future growth within its core UK market, and also intends to further grow its workforce over the next 12 months to help target new international markets.
Smith Cooper has a long-standing relationship with the business, and provided strategic advice to structure the deal, comprising tax, corporate governance and M&A support to guide the business through the transaction.
The transaction was completed with support from a number of Midlands-based advisors and funders, including Lloyds Bank Commercial Banking, which has supported Evac+Chair for more than 30 years. The team in Birmingham provided the business with a £750,000 funding package to facility the management buy-out.
Mark Wallace, Managing Director at Evac+Chair, said: “The business has experienced solid growth over the past few years, and following a retirement in the management team it was the right time to move forward with the next stage of our expansion plan.
“Our research and development team is working hard to design new products for our Emergency Solutions brand, and it’s thanks to the on-going support of Smith Cooper and Lloyds Bank that we are able to continue to innovate and lead within our sector.”
Ed Saunders, Tax Advisory Partner at Smith Cooper, said: “The management buy-out signals an exciting new chapter for Evac+Chair, who are building on advances in technology to enhance their product offering, and we’ll continue to work closely with the management team to help them achieve further growth both in the UK and overseas.”
Martin Crossley, Relationship Director at Lloyds Bank Commercial Banking, said: “Evac+Chair is a successful British business that is exporting its products across the world, helping to drive the economic recovery further, and we’re pleased to provide them with this funding to support this important stage in the business’ development.”