Gloucester firm in £10 million MBO
10th November 2017
A £10 million management buyout has taken place at Gloucester-based CDW Systems - a specialist manufacturer and supplier of aluminium windows and doors.
The existing senior management team of Richard Smith, Angela Phillips, Jeremy Phillips, Allan Little, Martin Rowe and Mike Davis have formed a new holding company, East Manor Group.
The new company will manage its three operating companies including CDW Systems Ltd, Clearway Doors & Windows Ltd and Designex Cabinets Ltd.
The management buyout (MBO) comes one year after Mike Davis became managing director at CDW and he and the team have acquired the business from group chairman Jerry Webb.
Mr Davis said that although the company, situated at Eastbrook Road, Gloucester, has been purchased from Mr Webb, the new owners don't intend to make any changes operationally in how the business is run on a day to day basis.
Mr Webb will continue to be very active within the business, reviewing the strategic direction of the business going forward.
Mr Davis said: "The management buyout at CDW Systems marks the beginning of the next chapter in the company's history but we also want to stay true to our company's long-standing values and standards.
"The six of us have purchased the company from Jerry but we are not planning to implement any major changes. Jerry will remain an important part of the business as a non-executive chairman and we look forward to continuing to benefit from his advice and extensive knowledge of the industry."
He added: "On behalf of the team we'd also like to thank Jerry for this continued commitment to the business and his professionalism and vision in overseeing its success to date."
Jerry Webb commented: "I'm very pleased that CDW Systems has passed into such experienced and dedicated hands. In my new role, I will continue to meet with customers and suppliers. Since the MBO I feel I've been even more actively involved in the company than I have been in recent years, so I don't see myself slowing down anytime soon."
Handelsbanken and law firm Harrison Clark Rickerbys both supported the MBO.
Pictured: (left to right) Angela Phillips, Jeremy Phillips, Mike Davis, Richard Smith, Martin Rowe and Allan Little
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