Primary Backs MBO of Readypower
Readypower Engineering Limited (”Readypower”) is pleased to announce the completion of a management buyout of the business from the current owner, Julie Mahoney. The management team was backed by Primary Capital (“Primary”), one of the UK’s leading mid-market private equity firms. The terms of the transaction are undisclosed.
Readypower is one of the foremost accredited suppliers of professionally-operated plant hire services to the regulated rail sector in England and Wales. The buyout was led by Russell Jack, who will be the new Chief Executive Officer (CEO), and Tony Hepburn, who will be the new Chief Operating Officer (COO). Gerry Devanney joins Readypower as its Chief Finance Officer (CFO).
Russell and Tony have led the business for the last five years and in that time have presided over a period of high growth in revenue and profits. This has been driven by Readypower’s reputation for the highest levels of reliability and customer service and the breadth of its specialist, certified rail assets.
Russell Jack, CEO of Readypower commented, “Readypower is widely recognised as one of the best asset-heavy service providers in the rail industry with one of the most reliable fleets of machines. It is our intention to continue to build on that success, remaining focused on providing the very best service levels. I am very pleased to be partnering with a shareholder in Primary which is committed to investing further in people and assets to sustain Readypower’s growth and ensure we are even better placed to continue to meet our customers’ needs.”
The deal was led by Alistair Armstrong, Peter Jacobs and Oliver Melliss at Primary.
Alistair Armstrong commented, “Readypower provides a critical role in assisting its customers to repair and maintain the UK rail infrastructure, with ever-increasing rail usage placing greater demands on the network. Operating in such a heavily-regulated and demanding market requires excellent assets, people and services and a relentless focus on quality and reliability. Readypower’s consistent, industry-leading reputation for these attributes is extremely impressive and stems from the strong service-oriented culture which Russell, Tony and the team have instilled in the business. We look forward to supporting the further growth of Readypower over the coming years.”
PNC Business Credit provided debt finance for the deal and to help fund future growth. BDO Corporate Finance advised management and Primary. The vendors were advised by HW Corporate Finance.
Contact Jackie Adams for more information
Tel: +44(0) 20 7920 4800