Management Buy Out concluded at Engineering Technology Group
A Management Buy Out led by former Group Sales and Marketing Director Martin Doyle and Managing Director John Temple has been successfully concluded at the Southam, Warwickshire based Engineering Technology Group.
With effect from 19th May 2015 Martin Doyle became Group Managing Director and John Temple Executive Chairman with ETG founder and former Chairman Paul Rhodes retiring from the organisation.
Comments Martin Doyle; “Along with our senior management team we will be building on the success of the business and making effective use of all the initiatives within the Group that have been successfully implemented in recent times. These include establishing the Wellesbourne Operations facility, ETG Ireland and the new ETG Workholding Division that includes Hyfore.
“The signing of this deal marks the beginning of the next stage of growth for the Group. Our intention is to continue to evolve and grow this company to be the best in everything it does; in doing so we will be focusing on efficiencies, customer care, back up and support to increase our market share and further improve our customer retention.”
ETG founder Paul Rhodes started the company nearly 20 years ago, having the foresight to align himself with renowned and well respected machine tool builders such as Chiron and Nakamura-Tome. These respected brands elevated the business ahead of the competition with their superior technology but he also instilled a spirit and culture within the Group allowing ETG to deliver value-added services and expertise that its customers have come to appreciate.
John Temple’s professional development of the company as Managing Director in recent years has advanced the organisation to what it is today and he will remain a significant shareholder within the business as Executive Chairman, ensuring the board’s effectiveness in all aspects of its role and helping to effectively position the company to facilitate its future expansion.
The deal – a secondary management buyout – was funded by Santander Corporate Banking, Birmingham including finance from the bank’s specialist Growth Capital Fund arranged by James Cooksey. Santander has a long standing relationship with The Engineering Technology Group although the new owners stress that the business shareholding remains entirely with the directors of the company.
In conclusion, Martin Doyle comments; “As Group Managing Director I look forward to cementing our position as the premium brand machine tool and engineering solutions provider in the UK and Ireland and the opportunity to work with a team who I consider to be the smartest people within our industry. ETG is a continuing success story and with the support of all the team, we are embarking on another exciting chapter in ETG’s history.”