The board of directors at EIC have managed to stage a £40 million management buyout (MBO) of the company, despite the collapse in the
The MBO of the mechanical and electrical services provider, which generated revenues of £74.3m in 2007, and plans to increase turnover to £110m by 2010, was led by Ian Lyall and Nigel Le Marechal, EIC's joint managing directors.
The move was supported by investment firm MML Capital Partners LLP (MML), formerly Mezzanine Management, while the senior debt was provided by the Royal Bank of
EIC will continue to be owned and run by the management team. However, Chris Woodwark, former chairman of Rolls Royce and Bentley Motors, and the former chief executive officer of Staveley Industries, will become EIC's new chairman.
Martin Glanfield, the former finance director at 2 Sisters Food Group, will become EIC's finance director, while MML partner Ian Wallis joins the EIC board.
In a joint statement to H&V News, Ian Lyall and Nigel Le Marechal said: 'We are delighted to have headed the recent MBO, which in effect has released some of the family members from the operational board and empowered the incumbent management team to take the business forward.
'The company has already achieved a great deal and built up a strong brand. However, we now feel that the time is right for us to expand and diversify, taking advantage of new opportunities in the building services sector.
'EIC's strength is in its people. With a strong and dynamic management team driving the business forward, we believe that we can continue to deliver high levels of customer satisfaction while expanding the range of services we offer. Everyone involved is excited about being part of this new phase of the business.'