A West Cumbrian man has led a management buyout of his firm’s Europe and UK operation.
John McGibbon, managing director of PAR Systems (UK) Limited, has completed the buyout from its American parent company’s UK operations.
Based at Lillyhall, near Workington, PAR Systems (UK) Limited develops cutting-edge robotic systems, nuclear cranes and remote handling systems.
It is hoped the management buyout will allow the UK operation to respond more effectively to opportunities for growth, particularly in the nuclear decommissioning sector, building on existing contracts covering the Dounreay and Sellafield nuclear facilities.
John said: “I am really pleased to have completed the acquisition of PAR Systems for the UK and European nuclear market.
“The MBO gives us greater independence and flexibility as an SME, and provides a platform to unlock opportunities for future growth, not only with our existing customer base, but also in new markets.
“We retain very close links with PAR Systems LLC in the US, and look forward to working with them in the future. I can only thank them for providing me with the opportunity to take the business forward into exciting times.”
In the internal announcement of the deal, PAR Systems LLC chief executive officer, Tom Pohlad, said: “We have settled upon an arrangement that allows the UK operations to continue using the PAR name, and we expect we will continue to collaborate on many things moving forward, including providing spare parts, design services and new systems or projects.
“This agreement is a business decision that is mutually beneficial, and will allow our PAR UK business to continue growing. We wish John and the rest of the UK team the best of luck, and we look forward to partnering in new and dynamic ways moving forward.”
Mr McGibbon joined PAR Systems in Cumbria in 2015 as business development and engineering director.
Since then, the organisation has grown from four to 22 people and moved to its new base at Lillyhall.
As well as broadening its offer into robotics, specialist refurbishment and mechanical/electrical design, it has also developed supply chain collaborations with a range of companies in the North West. These include major nuclear players like Atkins, Nuvia, Altrad and Jacobs and a number of Cumbria-based SMEs including Createc, Numech and Delkia.
Legal advice on the buyout was provided by Michael Walby and Becky Brook of Burnetts in Carlisle, financial due diligence by Chris McCourt and Darcie Rae of the corporate finance team at Armstrong Watson in Carlisle and business planning support from Peter Fleming Business Consultancy.
Mr McGibbon is the current lead of the nuclear sector group for Britain’s Energy Coast Business Cluster.