Jays Engineering Supplies in MBO
An Oldbury-based engineering and industrial supplier has been bought by its management team. Jays Engineering Supplies was purchased by sales and commercial director Mark Smith in a transaction assisted by NatWest.
Smith has renamed the business Jays Sourcing Group after he bought it for an undisclosed sum from the current shareholders.
NatWest provided funding for the purchase of the business and working capital facilities to support the future growth of the group.
The company employs 22 people at its Lockside premises.
The bank was advised by Suzanne Gilhooly, of Harrison Clark Solicitors. Mark Smith and Jays Sourcing Group were advised by Morley Haswell Chartered Accountants and Harrison Clark Solicitors.
Smith said: “I am really excited about the management buyout and know it will start a new era for the company, our employees and our customers.
"We are a successful business with a proud history and great reputation for supplying our customers with the right product as well as providing the most suitable and cost effective answers to their needs."
