New manufacturing business formed via MBO
Fri, 05 Jul 2024 | MBO/MBI
A new engineering and manufacturing business has been formed following the acquisition of a Newhaven manufacturing facility via a management buyout supported by Oxygen Partners.
Kevin Broderick and John Iliffe, formerly of apg Solutions, have acquired apg’s Newhaven facility through the MBO and will head up a new business known as Metal Box Technology Solutions (MBTS). The business was previously Cash Bases, prior to its 2015 acquisition by apg.
Apg Solutions is a global manufacturer and supplier of point of sale (POS) and cash management solutions, serving a wide array of industries.
Following the announcement of the deal, MBTS Commercial Director John Iliffe commented: "We’re delighted to have completed the acquisition and form MBTS. We’d like to thank apg Solutions for their work in making the transaction happen.”
Discussing plans for the future of MBTS, Iliffe said: "We’re excited to continue working with our existing partners and look forward to growing the business both locally and nationally over the coming months."
Paul Griffiths, Chief Executive of apg Solutions, said: "We’re very happy to have completed the deal with John, Kevin and the Oxygen Partners team.”
"apg has entered into a long-term supply agreement with MBTS and we are excited about the partnership. MBTS has a very bright future, and we are pleased to be affiliated with the organisation."
Mark Andrews, partner at Oxygen Partners, said the firm was pleased to have supported Iliffe and Broderick with the MBO and that Oxygen would continue to work closely with MBTS as they build in the future.
Read more about how MBOs can prove an effective exit strategy for owners
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