O’Connors advises on Joloda International share deal
Loading systems specialist Joloda International has undergone a buy-in management buyout (BIMBO) that “underpins and secures” the company’s future.
The deal involves the arrival of a new investing chief executive, Merseyside-based entrepreneur Michele Dematteis, supported by two of the group’s existing directors. Majority shareholder and executive chairman Wojtek Kordel, who led the original acquisition of the company from the York Trailer Group in 1982, steps aside into a non-executive role. Commercial details of the sale have not been disclosed.
Joloda comprises the original core business at Garston in south Liverpool, the Hydraroll division in Anglesey, a mainland European operation Joloda BV in the Netherlands, Joloda LLC in North Carolina, and Joloda South America in Brazil.
Kordel said: “Joloda is a remarkable success story – and I have been developing a succession strategy for the business for some time. At the core of this strategy has remained my personal determination to keep the primary engineering skills and jobs here in the UK and securing the future of our incredibly loyal workforce, both in Liverpool and in Anglesey. In addition, I wanted to ensure absolute continuity and stability for our subsidiary businesses and the network of agents around the world with whom we have worked over many years. I set a range of objectives for the business some 25 years ago and we have managed to achieve and exceed those aims – but I have to recognise that the time is right to introduce new working owners to Joloda, to take the business forward and to the next level. Our management team, our employees and our agents should share our confidence in the buyout framework which we have agreed and which underpins and secures their futures and the direction of the business.”
Dematteis is joined by Alec McAndrew, Joloda’s current operations director. Wouter Satijn, currently international sales director for all of the group companies, completes the new buyout board. He was previously general manager of Joloda’s Netherlands-based subsidiary, Joloda BV.
O’Connors advised the majority shareholders of Joloda on the transaction.