Director takes on major stake in business
AN engineering company which designs equipment for the water, oil and gas industries worldwide has been bought by its managing director.
Gareth Fry, 36, has acquired a majority stake in Statiflo International for an undisclosed sum.
The Macclesfield-based company, which has subsidiaries in the US and Germany, was wholly owned by chairman and chief executive John Baron, who founded Statiflo in 1983 in a spare bedroom at his home in Wilmslow.
Following the deal, Gareth has a 70 per cent stake while John retains 30 per cent.
John, 66, who is staying on as chairman, said: “I have reached the stage where I am ready to hand over the reins, and Gareth is the ideal successor. He is extremely knowledgeable and experienced, and I’m confident that Statiflo will continue to thrive under his leadership.”
Gareth, who joined the firm as a sales manager in 2008, said: “I’ve spent my entire career involved in the design and supply of process-related equipment. I’m passionate about the products and the benefits they bring to the world’s process industries.
“This deal secures the future of a very successful global business. I am looking forward to maintaining and developing, in particular, our very strong position in the global water industry and continuing our growth in the oil and gas sector.”
Statiflo has 23 staff and annual revenues of more than £4m. It designs and sells static mixers and other chemical process equipment which is used in more than 80 countries worldwide.
The bulk of its revenue comes from the water and wastewater treatment industries and it also supplies the oil and gas, petrochemical, food, pharmaceutical, pulp and paper sectors.
Gareth joined as sales manager in 2008 and became head of sales then operations director before he was appointed managing director last November as the succession plans took shape.
A team at accountancy firm HURST including chief executive Tim Potter, partner Paul Brown and assistant manager Rachel Jackson advised on the deal. NO matter how big your business, you need to be thinking about your strategy.
In fact, if you are a good manager or entrepreneur, you will be thinking about strategy 24/7.
If you are not, you can be sure that one of your competitors almost certainly will be.
This week, John Ashcroft, chief executive officer of pro. manchester, shares his top tips for strategy: Create a vision Your business may begin with an idea but you need to develop a vision, one that others might share, and offer leadership to your staff, so they know where the business is heading. Develop the team Your core team should include a product champion (that’s you), a sales performer, to convert your ideas into sales and a financial analysts, to ensure the finances are under control.