OWNERSHIP REMAINS IN LOCAL HANDS AFTER DEVONDALE MBO
Devondale Electrical Distributors is the region’s largest independent electrical wholesaling business, with branches throughout the South West. The company which in 2013 saw its turnover rise by 20% to £8 million, together with a 60% profits increase, has a client led approach which it credits for its marked business growth.
The business was established more than 30 years ago, with this transaction ensuring ownership remains in local hands and providing continuity for Devondale’s customers, employees and suppliers. The acquisition was led by Paul Wood, the Managing Director of Devondale over the past four years.
Isca Ventures acted as the lead corporate finance advisors on the transaction, with legal support from OTB Eveling and funding provided by NatWest Structured Finance. Foot Anstey and Francis Clark advised the exiting shareholders.
“We are keen to build on the foundation laid by the previous owners and management team over recent years and are excited about our future growth plans. It is very much business as usual for Devondale and we will continue focusing on providing a quality service for our customers.” said Paul Wood.
“We were delighted to put this transaction together. Devondale is a good quality local businesses with a strong management team, with all the ingredients in place to continue its recent growth record.” added Mark Champion, Partner, Isca Ventures.