Three officials of U.K.-based Alloy Wire International (AWI) have purchased the business from the owners through a buy-out.
A press release said that Managing Director Tom Mander, Technical Director Andrew Du Plessis and Finance Director Adam Shaw have completed the deal. “This is another major milestone in the history of AWI and gives us the platform to capitalize on recent growth and massive export opportunities,” Mander said. He noted that the owners have over 45 years’ combined experience of working here. “It was a natural progression for us to step forward and take the business on, with previous Managing Director Mark Venables moving to Chairman for the next five years and R&D Director Angus Hogarth taking a consultancy role.”
Per the company website, this marks the third such MBO change for the 77-year-old company. In 1991, the management team of Bill Graham, Len Deeley, Martin Cobb, Paul Wiltshire and Tony Tonks led a management buy-out. Mark Venerable joined the company in 2010 and became managing director in 2011, with Graham becoming chairman. In 2013, the management team of Venerables, Angus Hogarth, Ian Fitzgerald and Pete Lambe bought the company. “There’s something very special about this business and this MBO ensures we maintain and cultivate this for the next 75 years,” Manser said.
The company notes that it has a solid global customer base that is 6,000 strong. It has targeted annual sales of £15 million, which would be a new high. Supporting that goal, the company plans to make investments of nearly £1 million this year that will include new wet drawing and single-hole dry drawing machines, an annealing line spooler and several hundred metric tons of raw material.
AWI has two state-of-the-art factories and a network of 45 international offices. It supplies sectors that include aerospace, nuclear, automotive, chemical, electronic, medical and oil and gas.
Venables said that he is delighted that the new owners have come from within the company. “The new management team are well versed in the Alloy Wire International culture and will also bring a youthful exuberance, passion, and eagerness to innovate traditional processes and industry norms. They have already ring-fenced significant investment for the next five years and are keen to work on increasing our international network of agents, with discussions currently taking place on establishing a bigger presence in Egypt and the Middle East. ... I’m really looking forward to seeing how Tom, Adam and Andrew take the business forward.”