Dundee-based Primero Contracts completes seven-figure MBO
We recently supported a Dundee-based shopfitting firm through their seven-figure management buyout.
Primero Contracts, which was founded in 1993 by Frank Ward and the late Kevin Knox, 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.
A long-standing and successful local business, Primero Contracts employs more than 40 people and offers a full range of interior fit-out services to a host of major clients.
The MBO will see Bruce and Gordana lead the new management team to realise further growth for the business. While continuing to build on strong relationships with existing clients, the team will also be pursuing new clients and exploring and diversifying into the property development and house building market segments.
Since the management buyout, Primero Contracts has employed a new Contracts Manager and is looking to further expand the workforce in the months ahead.
The acquisition of Primero Contracts was funded by Royal Bank of Scotland and supported by us alongside law firm, Ennova Law, who recently opened a new office in Dundee. We provided strategic advice throughout the management buyout process and have now been appointed as Primero Contracts’ full-time accountants and tax advisors.
Bruce Donnachie, managing director of Primero Contracts, said: “Following the successful management buyout of Primero Contracts 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. I’d also like to extend my gratitude to Royal Bank of Scotland, EQ Chartered Accountants and Ennova Law for their sound advice and support throughout the process.”
Ken Anderson, Relationship Director at Royal Bank of Scotland, said: “We’d like to congratulate Bruce and Gordana at Primero Contracts on this exciting milestone for the company. Primero Contracts is a fantastic local business and it has been highly rewarding to support on the management buyout. We wish Bruce, Gordana and their team continued success.”
Louise Grant, Partner at EQ Chartered Accountants, said: “It has been a pleasure working with Bruce and Gordana at Primero Contacts on the acquisition of the business. It is clear they 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. I look forward to continuing to work with them and watching their business thrive in the years to come.”
Fraser Morrison, Partner at Ennova Law, said: “We’re delighted to have assisted Bruce and Gordana with this acquisition of such a well-known and well-respected company, and I wish them every success in the future. 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.”
If you are looking for support with any Corporate Finance transaction, please get in touch with our team via [email protected] or by calling one of our offices.