Engineering company Statiflo International has undergone a management buyout.
Directors Paul Davies, Paul Buck and Carl Wilkinson have acquired a majority stake for an undisclosed sum.
The trio have bought the business from the family of owner and managing director Gareth Fry, who passed away last year following a short illness. Gareth’s widow Jenny retains a minority stake in the company.
Following the MBO, Paul Davies moves from finance director to managing director and becomes chairman. Paul Buck remains as sales director. Carl has been promoted to technical director from group business development manager.
John Baron, who founded Statiflo in 1983, remains a director. He sold the business to Gareth in April 2016.
Statiflo has its headquarters in Macclesfield, Cheshire, and subsidiaries in the US and Germany. It employs 25 staff and has annual revenues of £5m.
The company is a world leader in the design and distribution of static mixers and other chemical process equipment, including gas dispersion systems and flow conditioners.
Statiflo exports to nearly 100 countries, supplying the water and waste water treatment industries, oil and gas, petrochemical, food and drink, pharmaceutical, pulp and paper sectors.
Its static mixers are highly-efficient, straightforward to use and require no spares or servicing, as they have no moving parts.
As well as typical processing industries, Statiflo’s equipment is also used in the production of everyday goods such as beer and wine, soft drinks, ice-cream, yoghurts, cosmetics and medicines.
Most of Statiflo’s sales now come from overseas, and in 2020 the company was selected as an Export Champion for the Northern Powerhouse region.
It is supported by a growing network of business partners, who distribute its products throughout the globe and provide advice and support to their local customers.
Paul Davies said: “With this management buyout, we are fulfilling Gareth’s wishes. During his illness he told us that his preferred way forward for the business he had built was through an MBO.
“We aim to build on his vision for Statiflo and his plans for continued and sustainable global growth alongside investment in research and development into new products serving a wide range of markets.
“It’s very much business as usual. We have a superb team of highly knowledgeable individuals alongside an excellent network of dedicated business partners around the world, and we look forward to working in partnership with them to achieve our goals.”
Jenny said: “Gareth’s passion and vision for Statiflo was undeniable and an MBO, like he himself did, was the future he saw for the business. He built an amazing team around him who all share his passion and vision, so I am confident that Statiflo will continue to grow and reach the potential they all believe it can.”
Tim Potter, Lauren Roberts and James Thompson at accountancy firm HURST advised the trustees of Gareth’s estate and the management team on the buyout. Christopher Dunn and David Armitage of Gateley provided legal advice to both parties.
Tim Potter, chief executive of HURST, said: “Statiflo is a tremendous business which exports the best of British design and manufacturing technology across the world.
“Gareth had a great vision for the company and built a first-class team around him, which meant succession planning was not a problem. He was a talented and lovely man and I know he wanted Statiflo to continue to thrive with the management team at the helm.
“We wish them all the best for the future and we look forward to working with them over the coming years to help them achieve their exciting strategic plans for Statiflo.”