JCP Solicitors Advises On Management Buy-In To Afon Engineering
JCP Solicitors is pleased to announce its role in supporting Jason Thomas and Julian Vance-Daniel with their successful Management Buy In (MBI) to Afon Engineering, a well-known and respected engineering, fabrication and machining business, based in Swansea, South Wales.
The MBI saw Jason and Julian taking over ownership and management of the Swansea based business and represents the first change in the business’ ownership since 1979.
Afon Engineering has been owned and managed by the same family for more than 40 years, and so the MBI has played an instrumental role in securing the future of the business here in Wales and in supporting its future growth.
The transaction was supported by the Development Bank of Wales, who, through the Wales Management Succession Fund and the Wales Flexible Investment Fund, invested £2.5million, using a mix of debt and equity.
Upon completion of the transaction, Jason Thomas said: “We are proud to be the new custodians of Afon, this marks a momentous and proud occasion for us. Together, we will usher Afon into a new era, one that is marked by ambition and professionalism. We believe there are exceptional people working at Afon who show commitment and dedication, which has been inspiring to see and provides a great foundation for us to build on.
“When it came to the MBI, JCP Solicitors exhibited great professionalism and expertise. The complexities of the transaction could have been overwhelming, but the clarity of advice and attention to detail was at the very highest level, empowering us to make informed decisions with confidence.”
Julian Vance-Daniel added: “We are honoured to be given the opportunity to join a company with such a strong history, serving local and national clients with best-in-class machinery and engineering capabilities.
“Throughout the transaction, we were impressed by the tireless, sincere and professional work from JCP Solicitors on our behalf.”
Natalie Jones, Director in the Commercial Services team at JCP Solicitors, acted as lead advisor on the transaction with support from Zoe Fletcher.
Natalie said: “We are delighted to have supported the incoming management team and to have worked with the Development Bank of Wales on another successful transaction. Jason and Julian have a wealth of knowledge and expertise to bring to the business and having worked closely with them for the last 6 months, we’re confident that the business will go from strength to strength under their leadership.”
Scott Hughes, Senior Investment Executive at the Development Bank of Wales, said: “We were pleased to secure the MBI for Afon, which will enable the original owners to step away from a successful business they have worked hard to build. The new management team is skilled, with a strong track record, and is well-positioned to support the business in achieving its planned future growth.”
(L-R) Clare Sullivan, Development Bank of Wales; Jason Thomas, Afon; Julian Vance-Daniel, Afon and Scott Hughes, Development Bank of Wales.
Image is under licence with the Development Bank of Wales.
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