Gateshead manufacturer Thermodynamix Thermoforming Specialist Services Limited (TDX) has announced the buyout of retiring shareholder Harry Reed.
TDX, based at Team Valley Trading Estate, Gateshead, specialises in assisting businesses operating in the thermoformed packaging industry and offer products and services both domestically in the UK and overseas into mainland Europe, India, the Middle East and America.
Now, the management team at the 90-strong firm, which has a turnover of £20m, has completed a buyout with funding from its new bankers Barclays and advice from Newcastle business advisers UNW and law firm Sintons.
The move to Barclays includes a new funding deal which will provide working capital facilities and term funding through the Government-backed Enterprise Finance Guarantee scheme, enabling the business to move forward with confidence under its new ownership.
The company was originally established as a supplier of Thermoforming packaging design services, prototype samples and tool manufacture, but in 2006 the business diversified into extrusion, creating a new division manufacturing recycled plastic film for conversion into packaging items, a move which has led to significant growth.
TDX was advised on the deal by UNW managing partner Andrew Wilson, UNW tax partner David Ward and Sintons’ commercial and company department partner Matt Collen.
Mark Prinn, chief executive of TDX said: “The management buyout will enable us to grow the business to the next level – building on our existing relationships and targeting new markets and new clients.
“Whilst negotiating we felt that the time was right to find a new financial partner to support us in the next phase of our growth strategy and Barclays has provided a suite of banking products which will provide the flexibility for us to grow with confidence.”
UNW managing partner Andrew Wilson added: “UNW has been working with Mark and the management team at TDX for a period of time now, ensuring that they found the right funding partners for this transaction and to secure future growth of the business. TDX is a long-standing UNW client and it’s great to see a smooth transition of ownership from one management team to another and the creation of an exciting future business opportunity.”
Matthew Elliott, relationship director at Barclays said: “The future looks bright for this well managed and forward-thinking company.”