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The management team of insulation specialist Encon Group has completed a buy out of the firm from its parent company Wolseley UK.
The team, led by managing director Stuart Moore, completed the deal yesterday (October 31st) for an undisclosed fee.
In July, Wolseley UK revealed that it was considering selling Encon as it considered that the firm was no longer part of its core strategic business activities.
Lloyds TSB Commercial Finance provided £35 million of funding to part fund the management buy-out of Encon.
Wayne Mills, business development director in Lloyds TSB Commercial Finance's Major Corporates division, said: "As the property market gradually improves and increasing environmental legislation means older buildings are refurbished to meet new energy efficiency standards, the insulation market is expected to expand.
"Encon is well placed to capitalise on these market dynamics, with its broad geographic coverage and established reputation in its chosen markets."
Last year, Encon reported turnover of around £200 million and employs approximately 560 staff across its 24 UK sites.
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