Tredegar Business Transitions to New Ownership with Development Bank Equity Backing
Dominic Thew, general manager of Tredegar-based Atal UK, has completed a management buy-out of a structural and basement waterproofing business in a deal that has been part-funded by a seven-figure debt and equity investment from the Development Bank of Wales.
Atal UK was established in 2012. Based on the Tafarnaubach Industrial Estate, the company now employs 19 people and provides structural and basement waterproofing services along with ground gas protection solutions for architects, contractors and groundworkers throughout the UK.
Dominic joined Atal in 2015. He will take over from business founder David Rees.
Dominic Thew said:
'I've worked alongside David over the last ten years to help build Atal as a leading UK provider of structural and basement waterproofing services. Using the most advanced materials available, we offer a comprehensive range of value driven and cost-effective bespoke solutions for individual projects. We also provide expert onsite training with regular site inspections to help the installers throughout the work.
'We have always invested in our people who have played an important role in our journey to date. As a team, most of whom are local, we're proud of our reputation where we encourage one another to grow themselves and now look forward to growing the business alongside the support of Simon as our new Chair and the Development Bank as our investment partner.'
Scott Hughes, Senior Investment Executive with the Development Bank, worked on the deal alongside Investment Executive John Babalola.
Scott said:
'It's great to be able to support a long-standing employee to take the reins at Atal, an established business providing essential, legally-required services to the construction industry. This buyout not only preserves the company's legacy, but also safeguards jobs and ensures continued service excellence for their clients.'
The deal was also supported by Alex Butler at Geldards; Stephen Thompson at Darwin Gray; and Tanya Wilson, formerly of Haines Watts.
The investment by the Development Bank came from the £25 million Wales Management Succession Fund. Financed by Welsh Government and the Clwyd Pension Fund, loans and equity investments between £500,000 and £3 million are available for management teams seeking to own and run their own business. Terms range from one to seven years.
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