Management buyout completed at Dundee shopfitter
Dundee-based shopfitting firm Primero Contracts has completed a seven-figure management buyout thanks to a funding package from Royal Bank of Scotland.
Founded in 1993 by its long-term managing director Frank Ward and the late Kevin Knox, the firm has been acquired by contracts manager Bruce Donnachie and his wife, Gordana, following the planned exit of Mr Ward and his wife and fellow director, Stephanie.
A long-standing and successful local business, Primero Contracts employs more than 40 people and offers a full range of interior fit-out services to a host of major clients.
The MBO will see Mr and Mrs Donnachie lead the new management team to realise further growth for the business. While continuing to build on strong relationships with existing clients, the team will also be pursuing new clients and exploring and diversifying into the property development and house building market segments.
Since the management buyout, Primero Contracts has employed a new contracts manager and is looking to further expand the workforce in the months ahead.
The acquisition of Primero Contracts was supported by Tayside and Fife accountancy, tax and business advisory firm EQ Chartered Accountants and law firm Ennova Law, which recently opened a new office in Dundee.
EQ Chartered Accountants provided strategic advice throughout the management buyout process and have now been appointed as Primero Contracts’ full-time accountants and tax advisors.
Bruce Donnachie said: “Following the successful management buyout of Primero Contracts we are entering an exciting new era for the company.
“Throughout my time as contracts manager, I witnessed the business grow from strength to strength under Frank and Stephanie’s leadership and we look forward to building on that positive momentum.
“We are extremely lucky at Primero Contracts to have a fantastic mix of dedicated employees and loyal clients, creating a strong opportunity to drive further growth for the business. I’d also like to extend my gratitude to Royal Bank of Scotland, EQ Chartered Accountants and Ennova Law for their sound advice and support throughout the process.”
Ken Anderson, relationship director at Royal Bank of Scotland, added: “We’d like to congratulate Bruce and Gordana at Primero Contracts on this exciting milestone for the company. Primero Contracts is a fantastic local business and it has been highly rewarding to support on the management buyout. We wish Bruce, Gordana and their team continued success.”
Louise Grant, partner at EQ Chartered Accountants, said: “It has been a pleasure working with Bruce and Gordana at Primero Contacts on the acquisition of the business. It is clear they are incredibly passionate and have the determination needed to continue to grow the business.
“We pride ourselves on knowing our clients’ objectives and using our extensive knowledge and experience to advise on what would work best for our clients now, and in the long-term. I look forward to continuing to work with them and watching their business thrive in the years to come.”