Management buyout to help Clamason grow
One of Europe's leading manufacturers of precision-pressed products, Black Country-based Clamason Industries, is set to boost its capacity for growth, through a management buyout.
The buyout is backed by Connection Capital, a specialist private client investment business.
Connection Capital clients invested £5.4 million to acquire a majority stake in Clamason, which makes a diverse range of high spec parts and bespoke components for the medical, power, consumer goods and automotive sectors from its sites in Kingswinford and Slovakia, employing more than 200 people in total and with a turnover of around £20m.
The company supplies Delphi, Bosch, Visteon, Sanofi, Schneider Electric and Siemens and its components are also used in Daimler, Volkswagen, Ferrari, Nissan, Volvo and General Motors' vehicles.
Established in 1947, Clamason has a long record of sustained growth, strong revenue and profit forecasts and significant opportunities to expand over the next few years. It is already in the process of doubling the size of its Slovakian facility, and has secured new long-term contract wins with more in the pipeline.
A team from the Birmingham office of accountants Mazars advised on the buyout, which sees Clamason Industries' finance director Neil Geoghegan become chief executive officer.
The board will be strengthened by the addition of a new chairman Peter Williamson, a new financial director Steve Hewitt and Luke Matthews of Connection Capital as a new board member. Exiting MD Philip Clarke will also remain as a non-executive director.
Connection Capital, led by Bernard Dale and Luke Matthews, provided the equity funding for the management buyout with senior bank facilities being provided by Simon Clewlow and Steve Mitchell of the corporate team at Santander based in Birmingham.
Neil Geoghegan said: "This is a very exciting moment in Clamason's history. As we embark on the next stage of building our business, this investment will give us the financial scope to exploit growth opportunities with both new and existing clients and service areas."
"For us, it's a real endorsement that so many private investors have seen the value in our company and are keen to back us as we put the next phase of our strategy into action."
