From a Two-Week Trial to Managing Director: The Story of a Successful MBO
Ten years after launching Plastics Direct, Lee Adair joined the team on a two-week trial. Fast forward to 2022, discussions began between the owners and the management team to explore the potential for a Management Buyout (MBO).
The journey wasn’t without its challenges. Health issues, roof repairs, solar panels and even the loss of a major customer extended the timeline beyond expectations. Despite these hurdles, in 2024, the very person who started on a short trial became part of the team leading a successful MBO. Now, as the new Managing Director, Lee and his fellow owners have strong plans to drive the business forward.
The MBO was brokered through Business Partnership, and you can read more about the deal details on their website here.
New Managing Director, Lee Adair describes the sale process thus;
“Paul was really helpful and made the MBO process very easy. It was all new to Sam and I and we were naturally very nervous, so we relied on him to guide us. He took away all our concerns, presented information in an easy-to-understand way, and seemed to intuitively know what our expectations would be.
Paul recommended an accountant and a solicitor – people he trusted and was familiar with. It was obvious from the start that they had a good relationship and knew what they were doing, which was very reassuring.
I have no basis for comparison because you don’t buy a business every day, but in my opinion Paul was tremendous. When we faced the problem of the roof repair and then our biggest customer went into administration, it felt like we were going back to square one. Paul was like the glue that held it all together. He’s always enthusiastic, highly knowledgeable and a great communicator. He did as he said and held our hands through the MBO process. We couldn’t have done it without him. “
If you’d like advice on how to exit your family business, please reach out and start a conversation with us.
If your interest lies in plastic extrusion, engineering or recycling why not work with Plastics Direct.
