Barclays Ventures has backed a management buyout of Uninterruptible Power Supplies (UPS) to the tune of £15 million. The MBO by the incumbent management team was led by managing director David Bond, and now joining the team as non-executive chairman is John Pettifor, managing director of a leading support services business.
Based in Aldermaston, Berkshire, UPS’ success to date has been based on supplying installation, commissioning and maintenance services for uninterruptible power supply systems. These provide an instant source of power to essential equipment, such as computers, in the event that the mains electricity supply fails. The business expects its strong growth to continue to be driven by customers’ increasing awareness and requirement for back-up power to mission critical applications.
David Bond of UPS says, ‘The buyout means we now have the financial base to continue this excellent progress. This in turn allows us to create opportunities for career development within our existing team. I am very pleased to have secured the backing of Barclays Ventures.’
Barclays Ventures, which is wholly funded and owned by Barclays Bank, was introduced to the transaction by Livingstone Guarantee. Director of Barclays Ventures, Alex Brebbia, adds, ‘Long-term contracts and visible earnings are a key attraction for us and this is the third deal we’ve funded in the support services sector in the last six months. We look forward to working with an impressive incumbent management team who have played a major part in the development of the business since its inception.’