Building contractor looks to build on success after management buy-out
A multi-million pound loan from Finance Wales has supported the
management buy-out (MBO) of a leading building contractors based in
The three-strong management team of A&N Lewis is using the
loan to take full ownership of the business as its founding members
The deal is the second vendor-initiated management buy-out
supported by Finance Wales in the last month with a combined total
of £3.1 million of investment.
Established in 1982, A&N Lewis originally specialised in
painting and decorating before expanding into building works for
local and UK-based businesses.
Employing 90 people from its Ely base, the business now provides
a range of refurbishment, office fit-out and new build services.
Recent clients include Cardiff University, SA Brain & Co and
AXA Insurance as well as the completion of £2.3 million Cardiac
Catherisation Suite Project for Spire Hospital.
The investment will see Directors Andrew Gentile, Garry
White and Andy Gooch become sole shareholders. Having been with the
company for a combined 70 years, the team is keen to build on
the business’ strong track record and reputation. Gentile
“A&N Lewis is renowned for its customer-centric approach and
that’s helped us build our customer base across Wales and parts of
the UK securing a significant amount of repeat business. In recent
years we’ve been able to expand our refurbishment services to cover
specialist jobs like schools, fire stations and hospitals and we
are excited about growing this and other areas of the business
“Finance Wales’ funding and expertise was key in providing the
opportunity to become shareholders. The MBO will allow myself and
the other directors greater scope to invest our extensive knowledge
and experience of the business and drive the company onwards under
new ownership,” Gentile added.
The management team was advised by Gary Partridge of recently
launched Lexington Corporate Advisors. He said:
“A&N Lewis is fantastic example of a Welsh business that has
real pedigree in the market place and a high standing in the eyes
of all its customers and suppliers. I was delighted to guide and
advise Andrew, Garry and Andy smoothly through the acquisition and
wish them continued success in the future.
"This is Lexington’s maiden advisory transaction coming only a
matter of weeks after Lexington’s launch and demonstrates our
hunger and desire to work with successful Welsh based enterprises
to put in place an MBO succession plan for Vendors. Finance Wales
has once again demonstrated its appetite and ability to fund these
transactions which is absolutely crucial if Wales’ SMEs are to
continue their growth and development as shareholder owner managers
approach retirement” Partridge added.
Finance Wales Senior Investment Executives, Stephen Galvin and
Cenydd Rowlands worked closely with the team at A&N Lewis to
structure the investment. Rowlands said: “A&N Lewis is one of
the leading independent building work contractors based in South
Wales. It provides a diverse range of building services across many
sectors and has established a loyal client-base from the long-term
relationships it builds with its customers.
“Having worked at the company for a long period of time, Andrew
and the rest of the management team have the right experience,
knowledge and drive to continue the business’ development and
achieve new success.”
Finance Wales is able to support ambitious Welsh management
teams who are looking to own their own business.
“Vendor-related management buy-outs are growing in popularity.
We’re seeing more vendors with the vision to upskill and support
their management team early on which gives that team a better
chance of success when they take ownership. Finance Wales is
keen to back all types of succession investments and we can tailor
our funding to suit the individual needs of owners, managers and
management teams,” Rowlands added.
Legal advice to the MBO team was provided by Matt Sutton of
Greenaway Scott whilst the vendors financial and legal advisors
were Stephen Lucey of Haines Watts and Phil Pugh of Acuity Legal
respectively. Broomfield & Alexander undertook Financial Due
Diligence for Finance Wales with Blake Morgan providing legal