Agathos Management LLP has backed the senior management of Vikoma International Limited in a management buyout.
Based on the Isle of Wight and founded by BP in 1967 after a major oil spill, Vikoma International is a world leader in the design and manufacture of oil recovery and environment solutions.
The Agathos team will provide financial, strategic and operational support to the Vikoma management team, comprised of: Sales Director Paul Rayner, Operations Director Mark Wheeler, Engineering Director Neil Plater, Finance Manager Martin Hammond and Quality and Technical Manager Gary Barnes.
The Vikoma management team have 90 years of collective industry experience and will be led by Managing Director Karen Lucas and incoming Chairman Paul Herbert who was previously MD of Vikoma between 2005 – 2006.
Karen Lucas, MD said: “This deal marks a new beginning for our business. This will enable us to create a solid platform from which to grow and continue to deliver the product innovation, reliability and quality of service which are synonymous with our brand.”
Chairman Paul Herbert said: “The new investment from Agathos, together with their experience in working with businesses to deliver long-term business growth, will enable us to drive forward in a rapidly changing global market.”
William de Laszlo, Agathos Founding Partner, said: “We are excited to have the opportunity to back a business with a proud history right at the forefront of pollution control. The management team are ideally placed to fully capitalise on future growth opportunities.
We are also very grateful for the work carried out Stuart Deacon and his team at BDO who provided great support in getting the deal completed.”
Stuart Deacon, Partner at BDO commented: “The team at Agathos delivered both speed and transactional certainty in the acquisition of Vikoma. In doing so they maintained the momentum in the Vikoma business and strongly motivated the management team in the MBO.”