Dains Corporate Finance advises on MBO for Flamerite Fires Ltd
Flamerite Fires Ltd, a leading designer, assembler and manufacturer of high-end electrical fires, stoves and suites has been acquired in a multi-million-pound management buyout (MBO). The company has been acquired in a transaction advised on by Jenny Moore of Dains Corporate Finance and David Kaplan of Nelsons, with funding provided by Allied Irish Bank (GB).
Flamerite, which is based in Lichfield, has been acquired by existing Director John Watts from his brother David Watts, who will move into the role of Chairman following the transaction. The MBO follows another record-breaking year for the company.
What our client said
Managing Director John Watts said: “I am very excited about Flamerite’s future and I am looking forward to taking the company forward. There are a lot of exciting plans in the pipeline which will aid the future growth of the company and expand the current product offering.”
“The teams at Dains and Nelsons provided exceptional advice and were there for every step of the transaction, explaining every aspect as we went along. Their experience and expertise in the fundraising and deal process supported and guided me and ensured that there was a swift and successful completion of the transaction. “
What we said
Lead advisor Jenny Moore from Dains Corporate Finance added: "It has been a delight to work with the John and his team on this transaction. Flamerite’s growth has been built on delivering high quality products to their customers and John is now in a great position to build on this for the future. The deal allows succession for David Watts, who will continue on in a Chairman role, passing over the Managing Director reigns to his brother John.”
Transaction advice was provided by Jenny Moore of Dains Corporate Finance and tax advice by Adam Longmore of Dains LLP. Funding was provided by Paul O’Reilly of Allied Irish Bank (GB). John Watts was advised by David Kaplan of Nelsons and David Watts was advised by Martyn Brierley of Flint Bishop.