Management buy out for Macclesfield engineering firm

A MANAGEMENT buy out has taken place at an engineering company.

Directors Paul Davies, Paul Buck and Carl Wilkinson have acquired a majority stake in Statiflo International, based on Wood Street, Macclesfield, Cheshire, for an undisclosed sum.

The trio have bought the business from the family of owner and managing director Gareth Fry, who passed away last year following a short illness.

Gareth’s widow Jenny retains a minority stake in the company, which has subsidiaries in the USA and Germany.

Paul Davies said: "With this management buyout, we are fulfilling Gareth’s wishes. During his illness he told us that his preferred way forward for the business he had built was through a management buy out.

"We aim to build on his vision for Statiflo and his plans for continued and sustainable global growth alongside investment in research and development."

Following the buy out Paul Davies moves from finance director to managing director and becomes chairman, Paul Buck remains as sales director and Carl has been promoted to technical director.

John Baron, who founded Statiflo in 1983, remains a director. He sold the business to Gareth in April 2016.

The company designs and distributes static mixers and other chemical process equipment.

Jenny said: "Gareth’s passion and vision for Statiflo was undeniable and a management buy out, like he himself did, was the future he saw for the business.

"He built an amazing team around him who all share his passion and vision, so I am confident that Statiflo will continue to grow and reach the potential they all believe it can.”

Accountancy firm HURST advised the trustees of Gareth’s estate and the management team on the buyout.

Tim Potter, chief executive of HURST, said: "Gareth had a great vision for the company.

"He was a talented and lovely man and I know he wanted Statiflo to continue to thrive with the management team at the helm."