Lancashire-based Health Safety and Engineering Consultants (HSEC) has undergone a £2.7 million management buy-out (MBO) with help from EV.
EV has obtained a minority stake in engineering risk management consultancy HSEC, with debt provided by The Co-operative Bank.
Dom Barraclough, new managing director of the company, has led the MBO and will be joined by financial director Peter Brown and non-executive directors John Crabtree and Patrick Kelly, all of whom get new roles.
Barraclough comments, ‘We have achieved an enormous amount in developing our people, services and client base over recent years and look forward to growing and strengthening the business further alongside EV.’
As part of the services it offers HSEC provides forensic investigation and witness services on personal liability, commercial liability and health and safety regulatory work,
Simon Ward, investment director at EV, comments, ‘This is a traditional MBO, building on 20 years of history and achievement. This deal demonstrates that despite the current funding environment, good management teams can still find support.’
Birmingham-headquartered EV provides venture and growth capital of up to £2 million to new or existing businesses in the UK.