Dundee-based shopfitting firm Primero Contracts has changed hands in a management buyout for a seven-figure sum.
Contracts manager Bruce Donnachie and his wife Gordana are the new owners of the company which was formed in 1993 and works for clients across the UK including major banks, bookmakers, retailers and leisure operators.
They bought out managing Frank Ward and his wife Stephanie, and the family of his co-founder the late Kevin Knox with the support of a loan from Royal Bank of Scotland.
Blair Morrison, a director of Tayside firm Kilmac Property, has also become a director of Primero Contracts. The new management team intends to diversifying the housebuilding and property development markets.
Primero has more than 40 employees, has just hired a contracts manager and aims to expand its workforce this year. EQ Chartered Accountants advised on the buyout and has been appointed as Primero Contracts’ accountants and tax advisors.
Bruce Donnachie 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 , 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.”
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.”