COMMERCIAL refrigerator distributor Caravell UK, has been the subject of a £9.8m management buy-out out from its Danish parent, Caravell A/S Demark. The purchase includes Caravell UK's 100,000ft2 freehold premises in Buckingham.
The Danish holding company, Anders Brondum has retained a minority 12.5% share in the UK company, with the MBO team - comprising three Caravell UK directors and private investor Nick Mustoe, venture capitalist and chairman of international advertising agency Mustoes - holding the majority of shares.
The three Caravell UK directors involved are chairman Hans Jensen, recently-appointed md John Lougher and financial director Lorne Bowler. The company has also appointed announces ex Lec Refrigeration manufacturing director Kevin Marks as the company's new technical service director. Nick Mustoe joins the new management team as non-executive director.
The MBO was in response to the management's desire to have total independence in its ability to source product to meet the opportunities offered by the UK market.