A&N Lewis has been bought by its management team, following the retirement of its founders, in a deal supported by a multi-million pound loan from Finance Wales
The Cardiff-based company's three-strong management team is using a loan from Finance Wales to take full ownership of the business.
Established in 1982, A&N Lewis originally specialised in painting and decorating, before expanding into building works for local and UK-based businesses. It now employs 90 staff from its Ely base. Recent projects include work for Cardiff University, SA Brain & Co and AXA Insurance as well as the completion of a £2.3m project for Spire Hospital.
The company has been bought by three members of its management team led by its new CEO, Andrew Gentile. Gentile said: "A&N Lewis is renowned for its customer-centric approach and that's helped us build our customer base across Wales and parts of the UK securing a significant amount of repeat business. In recent years we've been able to expand our refurbishment services to cover specialist jobs like schools, fire stations and hospitals and we are excited about growing this and other areas of the business moving forward. The management buyout will allow myself and the other directors greater scope to invest our extensive knowledge and experience of the business and drive the company onwards under new ownership."
Lexington worked with the management team to refine its existing business plan and approach a number of select funders. Finance Wales emerged as the best fit to enable the MBO team to deliver upon its growth plans. Lexington led the transaction from start to finish to ensure that it completed in a smooth and efficient manner.