More showrooms and staff on the way for South Wales mobility retailer following successful MBO
South Wales-based mobility retailer Snowdrop Independent Living’s Managing Director and Chairman, along with four existing members of staff, have successfully taken ownership of the company following a management buy-out (MBO).
The MBO was supported with a £500,000 equity investment by the Development Bank of Wales, with the Welsh financier stating it recognised the skills and experience of Snowdrop Independent Living’s Managing Director David Morgan and Chairman Kevin Bounds to lead a successful MBO, alongside four current employees of the mobility retailer.
The distributor and retailer of an extensive range of mobility aids, including scooters, beds, pressure care mattresses, wheelchairs and more, was founded in 1999 by Peter O’Shea from a single showroom in Haverfordwest, Pembrokeshire, before expanding to cover the whole of South Wales, with showrooms in Swansea and Penarth.
Alongside retailing a range of mobility equipment, the BHTA-member company also works closely with healthcare professionals, as well as running a comprehensive hiring service.
David Morgan, Managing Director of Snowdrop Independent Living, commented: “I was looking for a business that did something useful. Snowdrop makes people’s lives better and that seems to me like a pretty good way to spend your day. Snowdrop provides aids to mobility and everyday living such as power wheelchairs, specialist beds, hoists, mobility scooters and consumables. The engineering teams install stair lifts, track hoists and through floor lifts and can project manage more complicated property adaptations.
“We met with senior managers and built the buyout team. The Development Bank of Wales guided us on how to build a proposal that would work for us and the bank. The help and advice offered and gratefully accepted through this stage helped us get the MBO over the line.”
The new management team says it will now look to grow the business with more showrooms, greater social media marketing and the introduction of new technology providing better customer service, expanding its current 22 strong workforce with the creation of 20 new jobs.
Stephen Galvin, Senior Investment Executive for the Development Bank of Wales, said: “We invested in this business because we liked the management team’s plan to capitalise on the sector’s demographics. Snowdrop is developing an offering which improves mobility for an ever-increasing ageing population and we wanted to be part of that. We strengthened the management team, adding to the existing resources by bringing in the experience of David and Kevin, making it a robust and confident MBO team.
“The development bank is keen to ensure that management teams have succession funding to help them take over strong community-based businesses like Snowdrop. We are further encouraged that the previous owner Peter O’Shea is remaining in the business as it grows, alongside all existing staff members. As they open new outlets, this will also create more jobs. Our endorsement now means that Snowdrop is able to boast a highly experienced management team with strong ambitions and a focus on growth.”
Following the MBO, Andy Morris, Portfolio Executive for the Development Bank of Wales, will work with Snowdrop Independent Living over the coming months to provide additional support.
“A management succession transaction is a long-term commitment and we can help the team navigate the journey ahead,” he added.https://thiis.co.uk/more-showrooms-and-staff-on-the-way-for-south-wales-mobility-retailer-following-successful-mbo/https://thiis.co.uk/wp-content/uploads/2019/04/snowdrop-independent-living-scooters-exterior-store-front.jpghttps://thiis.co.uk/wp-content/uploads/2019/04/snowdrop-independent-living-scooters-exterior-store-front-150x150.jpgMergers & AcquisitionsNewsroomRetailer NewsDavid Morgan Development Bank of Wales,Haverfordwest,Kevin Bounds,management buy out,MBO,mobility retailer,mobility showroom,Pembrokeshire,Penarth,Snowdrop Independent Living,South Wales,SwanseaSouth Wales-based mobility retailer Snowdrop Independent Living’s Managing Director and Chairman, along with four existing members of staff, have successfully taken ownership of the company following a management buy-out (MBO). The MBO was supported with a £500,000 equity investment by the Development Bank of Wales, with the Welsh financier stating...Calvin BarnettCalvin Barnettcalvin@thiis.co.ukAdministratorTHIIS Magazine