A Black Country firm which supplies products to the electricity transmission and distribution market has undergone a £2 million management buyout. The deal at Kingswinford-based Alcomet has enabled founder Gary James to leave the business and managing director Chris Beasley to take over.
Established 25 years ago to supply aluminium, stainless steel and copper alloys, the business has expanded to become a specialist supplier of electrical metals and components to the UK substation and energy sector. The company works exclusively with distribution network operators, transmission network operators and associated contractors.
Mr Beasley said: “I started with the company 14 years ago and have seen the diversification with my own eyes. I take great pride in continuing the growth of the company. We are all very excited about the future of Alcomet.
“The transaction marks the next milestone for the business as the new leadership team introduces new ideas and ways of working while retaining what has been successful in the past.
“We are well positioned within a growing market, with a loyal client base and can use this investment to secure our future, retain valuable local jobs and grow the business.
“We will continue to invest in staff training, product development and new technology to allow us to maintain our position as the market leader.”
The management buyout was backed with funding from Barclays.
Relationship director Elizabeth Wheatley added: “By really understanding the sector and the individuals involved, we have been able to create a funding package to support the business throughout the buyout. The management team has wanted to complete the buyout for a number of years and are chomping at the bit to drive the business forward, supported by a loyal and skilled workforce.”
