Dundee-based shopfitting firm Primero Contracts has completed a seven-figure management buyout.
The company was founded in 1993 by Frank Ward and the late Kevin Knox and employs 40 people from its base at the West Pitkerro Industrial Estate.
It has been acquired by contracts manager Bruce Donnachie and his wife Gordana, following the planned exit of its long-term managing director Frank Ward and his wife and fellow director, Stephanie.
Primero offers a full range of interior fit-out services to a host of major clients. Its main markets include banking, retail, commercial, leisure and public sector organisations.
A new management team has been installed that will target growth with an eye on diversifying into the property development and house building market segments.
Mr Donnachie, who has taken the role of managing director, said: “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.”
The funding package for the acquisition was provided by Royal Bank of Scotland.
The transaction was supported by chartered accountants EQ and law firm Ennova Law, which recently opened a new office in Dundee.
Louise Grant, a partner at EQ, said: “It is clear that Bruce and Gordana 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.”
Since the management buyout, Primero Contracts has employed a new contracts manager and is looking to further expand the workforce in the months ahead.
Fraser Morrison, partner at Ennova Law, added: “It’s a new and exciting chapter for the business and I look forward to seeing the company continue to grow in the months and years ahead.”
rmclaren@thecourier.co.uk