A design and engineering firm in Usk has completed a management buyout. GX Group, based in The Mayfield in Usk, Monmouthshire, confirmed the seven-figure deal which will see its former directors stay on in the firm in different roles.
The exact figure of the deal, which was advised on by corporate advisory firm GS Verde Group, was not disclosed.
Former managing director Mark Helmich is taking on the role of non-executive chairman. He said: "A key element of GX’s success is the breadth and experience of our engineering teams, who are committed to turning brilliant ideas into commercial results for all our clients.
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"We are pleased to see the business continue under the helm of the new management team, who themselves have over 100 years combined experience with the GX Group, and whose fresh thinking and technical excellence will propel GX to even greater heights."
A product design, value engineering and system development firm, GX Group consists of three companies. Grid Xitek, a product design and technology business which has worked with aerospace and automotive industries; GX Environment, a wastewater and clean water management system; and GX Systems, which installs remote access control systems to improve productivity.
The group has seen impressive growth in recent years with enquiries increasing by more than half since 2019. It expanded its team by 30% as part of a major recruitment drive to cope with increased demand for its design engineering skills.
New sales director Claire Ricketts said: "When the directors announced their plans, we were unanimous that we wanted to take on the responsibility to run the group and to grow the company.
"Having a new management team that includes individuals from the three different business divisions means that we can continue to progress the business, meeting the diverse needs of our clients and turning their brilliant ideas into commercial reality."
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