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06/01/05 Certex Announces New Year Management Buy-Out

Certex’s new directors (left to right) Kevin Smith, Charles Gillespie and Tony Stringer.

Leading lifting gear distributor Certex UK has been bought out by its existing directors and will be run as a private limited company.

Previously part of Bridon International, a subsidiary within the Lifting and Services division of FKI plc, Certex has been sold for £5.2million as part of a management buy-out.

The company – which operates mainly in the manufacturing, steel, construction, offshore, oil, gas and shipping industries – 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 also been appointed as Financial Director and Paul Auston, owner of one of Certex’s key suppliers, Checkmate, will act as Non-executive Chairman.

The deal is being 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 £2million.

Tony Stringer, Certex’s Managing Director, is confident that the change in ownership is excellent news for the company. “Certex is in a very healthy position to begin trading independently. We already have a substantial share of the lifting goods distribution market and a well-earned reputation for providing high quality products and services.

“As the company’s new owners and directors, we will remain actively involved in the day-to-day running of the business and will be making a long-term commitment to building on the company’s business performance. We have a promising future ahead.”

Simon Webber, FKI’s Business Development Director, said: “FKI fully endorses the sale of Certex UK to its existing management team. We have worked closely with the new directors to ensure that the transaction runs smoothly and that sufficient funds are in place and we wish them every success.”

Meanwhile, Certex has pledged ‘business as usual’ for customers and suppliers. Working relations with Certex’s former FKI sister companies Bridon, Crosby and Parsons Chain will remain intact, while Steve Rutherford, Managing Director of Bridon International, offers his personal encouragement and support.

“I wish Certex a prosperous future under its new ownership and I am delighted that the ongoing trade relations between the two companies will continue to thrive. Furthermore, as part of the buy-out deal, Certex has now been appointed Bridon’s UK distributor,” he said.

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 introduce more products with competitive pricing; increase the company’s presence in the crane inspection and maintenance market; invest in more inspection engineers; and promote CertMan, offered by Certex as a unique tool for the inspection business.

In addition, the company has secured a new contract with Corus commencing in January 2005.