Finance Wales backs Jet-Vac MBO

The GP secured a minority stake in the business. Jet-Vac's management used the investment to purchase the business from its founder following his retirement.

Jet-Vac will now aim to expand its range of services for both existing and new customers. The investment was partly motivated by strong demand for industrail cleaning services, partly driven by new legislation and environmental concerns.

Debt
This investment was not leveraged.

Company
Established in 1989, Jet-Vac provides specialist industrial cleaning services for the petrochemical, power and utilities markets. Headquartered in port-Talbot, it employs around 40 staff and generates a £4m turnover.

People
David Birch led the deal for Finance Wales. Geraint Jones is managing director of Jet-Vac.

Advisers
Equity – Santis (Commercial due diligence); Bevan and Buckland (Financial due diligence); Quinn (Management due diligence); Geldards (Legal).
Company – Broomfield and Alexander (Financial due diligence); Morgan LaRoche (Legal).

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