The directors of lifting gear distributor Certex UK have bought the company for £5.2m. Previously part of Bridon International, a subsidiary of the Lifting and Services division of FKI, Certex is now owned in a three-way partnership by Certex’s managing director Tony Stringer; sales and marketing director Charles Gillespie; and Kevin Smith who moves over from Bridon to become operations director.
Adrian Tompkinson has been appointed as financial director, and Paul Auston, owner of one of Certex’s suppliers, Checkmate, is non-executive chairman.
The deal is financed by funding from the Bank of Ireland’s subsidiary, Enterprise Finance Europe, investment from the three directors and a vendor loan from FKI of £2m.
As part of the buy-out, Certex Great Yarmouth and the lifting gear sales business at Aberdeen will transfer from Bridon back into Certex. Further plans for growth include investment in key machinery and the re-introduction of branch managers to give the company increased market presence and stronger customer focus.
The directors also aim to increase the company’s presence in the crane inspection and maintenance market.
