BOCM Pauls in buyout move
BOCM Pauls in buyout move
ANIMAL feed producer BOCM Pauls has announced a management buyout from parent company Elementis (formerly Harrison and Crosfield) after the latters decision to concentrate on speciality chemicals.
The deal, which ends months of speculation, involves £69m of funding provided by Electra Fleming and Rabobank International.
BOCM Pauls turnover hit £544m in 1997, although it has posted "significant operating losses" in recent months, according to Elementis. The company has a 21% share of the UK animal feed market, producing 2m tonnes a year at 19 mills.
Managing director, Bill Mayne, who is leading the buyout team, said the calibre of the backers indicated their confidence in the strength of the company and its potential. The existing management structure remains largely unchanged. *