PAF announces management buyout and expansion plan

Soldering & Surface Mount Technology

ISSN: 0954-0911

Publication date: 1 April 2000

Keywords

Citation

(2000), "PAF announces management buyout and expansion plan", Soldering & Surface Mount Technology, Vol. 12 No. 1. https://doi.org/10.1108/ssmt.2000.21912aab.033

Publisher

:

Emerald Group Publishing Limited

Copyright © 2000, MCB UP Limited


PAF announces management buyout and expansion plan

PAF announces management buyout and expansion plan

Keywords: PAF Systems, Buyouts, 3i

PAF Systems Ltd has announced a management buyout, with backing by 3i, Europe's largest venture capital company (Plate 1).

Incoming managing director Simon Little has been appointed along with the management team involved with the buyout, comprising Stuart Wetherell, who becomes sales director, Dennis Manning, technical director, and David Anson, director of PAF's sister company RAM Engineering.

Plate 1From left to right: Dave Whileman, investment executive 3i East Midlands; Simon Little, managing director PAF Systems Ltd; Paul Johnson, Barclays Acquisitions Finance; Clive Broadhurst, KPMG Corporate Finance; David Anson, director, RAM Engineering; Stuart Wetherell, sales director, PAF Systems Ltd; Dennis Manning, technical director, PAF Systems Ltd

They are joined on the board by non-executive director David Pratt who was, until recently, vice president (operations) of major global contract manufacturer, Solectron Europe.

The four founder directors, MD Ray Langford, Connie Weisselberg, Ross Greenhill and Dave Pointing are retiring. For some time plans have been in place for a hand-over to a new team and Ray Langford comments "Although we are sad to cut our ties with the industry and especially all our loyal customers, we wish the new team every success for the future".

Simon Little said "PAF Systems is entering a new significant phase in its development, as we build on the success of its founding directors and maximise our position as market leader in the UK and Ireland. Many of our customers are expanding globally, it is our intention to offer them the same level of support and expertise that they have come to expect in the UK. We will be expanding our sales overseas to meet these demands."