13 October 2009
Management buy out for Norpe UK
THE owner of the Finnish display refrigeration group Norpe has sold its majority stake in Norpe UK to the MD of the group's UK operations and three others.
Norpe UK managing director Kevin Raworth, technical manager John Hartley, distribution worker Craig Daniels and businessman Chris Syddall are the four new shareholders with equal shares which together make a majority shareholding in Norpe UK.
MB Funds is the investment bank which owns the Norpe Group, headquartered in Porvoo, Finland, including the group's factory in Porvoo. MB Funds will retain a small share in Norpe UK.
The major shareholders will continue ﬁnancial and operational links with the Norpe Group's factory in Porvoo.
Craig Daniels is the current owner of Movers Transport who provided Norpe UK with its distribution and logistics for more than seven years and Chris Syddell brings to the business his retail, catering and leisure industry experience.
In a statement, Norpe UK said Daniels and Syddell 'Both bring with them an extensive knowledge in key areas of ﬁnance, logistics and marketing which will enable Norpe to grow its UK operation'.
Norpe UK will continue to operate from its current offices in St Christopher House, Stockport and retain the sole distributorship of the range of Norpe manufactured products. It will also retain the majority of its staff.
Norpe UK will return to providing its own in-house spares and warranty service which were outsourced by previous management. The statement by the company added: 'The return of these resources will give sole responsibility back where it belongs within the company'.
The company said it wishes to enhance its relationship with current distributors as well as embracing new partners to distribute the comprehensive Norpe range.
Norpe chief operations officer Tor Georg Cudrio said: 'We are delighted with the new developments in our UK operation and believe these changes will ensure both growth and an improved service to our UK customers with more UK orientated control by a trusted team of professionals who understand the UK refrigeration market intimately'.