Birmingham, UK-A polyurethane moulder in Aston, Birmingham, launched in 1986, has been bought by its founder Mike McDonough, in a management buyout (MBO) backed by Lloyds TSB Commercial Finance.
McDonough bought the company from Sertec Group, with advice from Jat Najran and Andy Kay, corporate finance directors at accountants and business advisers PKF.
Sertec Plastics specialises in vacuum-formed and moulded polyurethane components for uses including automotive, construction, agriculture, work vehicles and general engineering. As well as supplying interior vehicle trim components for specialist car manufacturers such as Aston Martin, Lotus and Renault, the company also makes items such as the replacement blue plastic hoods for the UK's lottery ticket stands.
Such niche products mean Sertec Plastics now manufactures some 300 different parts and has recently added Land Rover and construction/excavation equipment specialist JCB to its customers.
Managing director McDonough is looking to expand near the current 3600 sq.m premises and add skilled staff to its current payroll of over 40, as the business grows.
Discussing the logic behind the MBO, McDonough said that the operation was no longer regarded as a core activity by Sertec Group: " We felt that more focus and investment was needed on Sertec Plastics to put us in a position to deliver the ever more demanding requirements of our customers."
Jat Najran of PKF Corporate Finance commented that, "In the wake of recent problematic conditions in the West Midlands engineering community it was particularly rewarding to be involved in a deal that secured an excellent company's niche position in a competitive market. "
The management team was also advised by Gary Davie and Sara Woodward of Putsmans Solicitors.
Picture: l-r: PKF finance director Jat Najran, Sara Woodward, Putsmans, Mike McDonough, Sertec Plastics MD, Gary Davie, Putsmans, and Sertec Plastics commercial director Rob Parsons.