One of the UK’s leading suppliers of specialist industrial safety equipment is set for expansion following a buy-in management buy-out deal supported by Yorkshire Bank.
Reece Safety Products Ltd, based in Delph, Lancashire, specialises in providing lockout/tagout (LOTO) equipment and related products. LOTO equipment helps to prevent industrial accidents by ensuring that potentially hazardous electrical machinery and valves remain disabled during repair or service work.
Established in 2002 by Jason Reece, the company’s customers include a number of blue-chip household names both in the UK and overseas.
The business, a new customer to Yorkshire Bank, was acquired for an undisclosed sum by a consortium of private investors. The purchase was assisted by a funding package from Yorkshire Bank, which included senior debt finance and working capital facilities.
The deal was delivered by Peter Smith and Jon Hall, directors in Yorkshire Bank’s Manchester Business and Private Banking Centre’s Acquisition Finance team. Legal advice was provided to Yorkshire Bank by DWF LLP, and financial due diligence was performed by Baker Tilly.
Reece Safety Products’ new management team includes Roz Carr, who is promoted to operations director from her former position as operations manager, and Andrew Graham, who joins the company as managing director. Jason Reece will remain involved in the business.
Andrew Graham said: “Reece Safety Products has built an excellent reputation and wide client base since it was founded 11 years ago.
“We’re pleased that Yorkshire Bank understands our needs and supports our growth aspirations.”
Jon Hall, director in Yorkshire Bank’s Acquisition Finance team, said: “Reece Safety Products is one of the UK’s leading suppliers of LOTO safety equipment, with numerous blue-chip household names among its customers.
“We welcome the opportunity to assist the company and we look forward to working in partnership with its new management team.”