Two Cardiff-based manufacturing companies have been acquired by their management team in a deal backed by the Finance Wales (
www.financewales.co.uk) organisation.
Minerva Laboratories and Ultrawave have been bought from health-care group Hygea by a team made up of Andrew Beresford, Nicola Watkins, Ian Corp and Kevin Davies (the transaction has provided an exit for John Melville).
Minerva Laboratories uses 3-D scanning and design technology to make ear moulds that are used by the NHS, High Street audiologists and a number of F1 teams.
Ultrawave has been making ultrasonic cleaning equipment for 27 years for customers in the UK and abroad. Nick Harknett — a former marketing director of the Yell Group and former managing director of Dawson Books — has been appointed as chairman of the businesses.
Mr Beresford said: “The management team has ambitious growth plans for both businesses, following the buy-out. In Finance Wales, we are delighted to have an investor who shares our ambition.”
Stephen Galvin and Leanna Davies structured the investment for Finance Wales. Mr Galvin said: “This is the first investment from the Wales Management Succession Fund — a £25 million fund backed by the Welsh Assembly government supporting growing Welsh companies.”