Bedwas-based Seren Electrical Supplies has completed a management buyout with a “significant investment” from Finance Wales.
The independent wholesaler, which provides electrical equipment to trade, was founded in 2010 and after growth moved to larger premises two years ago.
Managing Director, Richard Wakeman, who led the management buyout, said: “Our partnership has worked over the last few years due to offering a personable premium service – regardless of how big the company grows. I’m looking forward to taking Seren forward while maintaining that customer-centric ethos.”
The deal sees him take a majority stake in Seren from founders Andrew Hall and Jason Beament.
Mervyn Ham, Deal Architect for Iridium Corporate Services introduced Seren to Deputy Fund Manager Bethan Cousins, who structured the deal on behalf of Finance Wales.
Mr Ham said: “This was a highly focused, perfectly bound management buyout deal.
“Richard has been key to the development of the business from the start with continual support and investment from Jason and Andrew.
“We and Finance Wales were able to offer the team the support they needed to make this transition a reality.”
Founding partner Jason Beament said: “We are pleased to have completed this transaction and continue our partnership with Richard, who has developed the business strategically and structurally to the current position.
“We will continue to assist Richard in the growth of Seren Electrical Supplies.”
Bethan Cousins, of Finance Wales, added: “Richard, Andrew and Jason have worked together to secure the future of what is a growing and successful Welsh business.”
Funding for the deal came from the Wales Business Fund, part-funded by the European Regional Development Fund through the Welsh Government. Laura Herdman at Capital Law provided advice on the transaction.
‘Deal Architect’? Heard it all now.