Managing Director, Richard Wakeman at Seren Electrical Supplies Ltd (Seren), has completed a management buyout (MBO) from the existing shareholders of the company supported by a significant investment from Finance Wales. The deal sees him take a majority stake in Seren from founders Andrew Hall and Jason Beament.
The Caerphilly-based company are an independent wholesaler, providing high quality electrical equipment to trade. The business was founded in 2010, having grown substantially, Seren then moved to larger premises in 2015.
“Seren has experienced steady growth with a real positive and continued service focus,” said Managing Director Richard Wakeman. “Our partnership has worked over the last few years due to offering a personable premium service – regardless of how big the company grows. I’m looking forward to taking Seren forward while maintaining that customer-centric ethos.”
Mervyn Ham, Deal Architect for Iridium Corporate Services introduced Seren to Finance Wales and Deputy Fund Manager Bethan Cousins, who structured the deal on behalf of Finance Wales:
“This was a highly focused, perfectly bound MBO deal. Richard has been key to the development of the business from the start with continual support and investment from Jason and Andrew. We and Finance Wales were able to offer the team the support they needed to make this transition a reality. Bethan was great, there was no fuss, and Finance Wales offered a highly professional and straight-forward service.”
Founding partner, Jason Beament said:
“We are pleased to have completed this transaction and continue our partnership with Richard, who has developed the business strategically and structurally to the current position. We will continue to assist Richard in the growth of Seren Electrical Supplies.”
“Richard, Andrew and Jason have worked together to secure the future of what is a growing and successful Welsh business,” added Bethan. “It was also a pleasure to work with Mervyn and Iridium on this deal, both of whom are building a well-deserved reputation as MBO experts and facilitators for small and medium businesses here in Wales.”
Funding for the deal came from the Wales Business Fund, part-funded by the European Regional Development Fund through the Welsh Government.
Laura Herdman at Capital Law provided advice on the transaction.