Management buy-in at historic Welsh engineering firm
Fri, 17 Jan 2025 | MBO/MBI
Family-run engineering, fabrication and machining business Afon Engineering has passed into new ownership following a management buy-in.
Swansea-based Afon, was founded in 1979 by Anthony Beaujean who ran the business before handing over to his sons Carl and Andrew.
Its engineering capabilities cover design and detailing, rolling, forming and pressing, machining, profile cutting, fabrication and welding, protective treatment and installation controlled through its Q/A management system accreditation. It employs over 50 people.
Following a £2.5 million mixed loan and equity investment from the Development Bank of Wales, via the Wales Management Succession Fund and the Wales Flexible Investment Fund, an incoming management team will take on the running of Afon Engineering.
The new team includes new Managing Director Jason Thomas, formerly of Llanelli-based Teddington Engineered Solutions, and Julian Vance-Daniel, founder of Bridgend-based Vessco Engineering.
Thomas said the team was proud to be the new custodians of Afon.
“This marks a momentous and proud occasion for us and we have clear intentions to let the world know about Afon across many industry sectors. Together, we will usher Afon into a new era, one that is marked by ambition and professionalism,” he said. “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.”
The deal was completed by Scott Hughes, Senior Investment Executive with the Development Bank of Wales, with support from Clare Sullivan, Regional Manager for New Investments.
Hughes said: “Our investment will enable the family 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.”
The deal was supported by Geldards, acting for Development Bank, alongside JCP, Azets and Harvey Business Support, acting for Afon.
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