Bridgend Marine Technology Integrator Completes MBO

A Bridgend-based technology service provider for the marine sector has completed a management buyout (MBO) with a seven-figure package from the Development Bank and HSBC UK.

Established in 2019, Avantis has used the equity investment from the Development Bank to complete the MBO from current owners Envoy and Partners with young entrepreneur Thomas David taking up the role of Chief Executive Officer. At 30 years of age, he is supported by Chairman Chris David, Chief Operating Officer Jack Jenkins and Chief Commercial Officer, Leon Solder.  

Working capital from HSBC UK will now be used to support Avantis’ growth plans, centred around decarbonising the marine and oil and gas industry. It will secure long-term employment opportunities in South Wales and internationally. The MBO will also ensure the business is managed centrally, enabling the management team to have control over day-to-day operations and prospecting.

Tom David, Chief Executive of Avantis, said: “We’re thrilled that we were able to complete this transaction, which will see our business continue its journey of growth. Since establishing Avantis only three years ago, we’ve achieved sustained growth and almost doubled our turnover year on year. This deal felt like the next logical step to ensure that we can continue to deliver our vision as a management team based in Wales.

“We’re extremely grateful to the Development Bank of Wales’ and HSBC UK for their support in making this transaction happen.”

Ruby Harcombe and Navid Falatoori are both Senior Investment Executives with the Development Bank of Wales. They said: “Providing energy efficiency services to the global marine industry, Avantis is pioneering green technology and reducing carbon footprint with a business model that is focussed on entrepreneurial spirit and flexibility.

“It’s particularly pleasing that Tom and the team are benefitting from our £25 million Management Succession Fund as it is specifically for management teams in Wales who want to run and own their own business. This is a real home-grown success story and we’re particularly pleased to be backing Tom as a young Welsh entrepreneur. “

Warren Lewis, Head of Corporate Banking, Wales at HSBC UK, added: “We’re pleased to be supporting this innovative business achieve its next phase of growth. With offices in Rio De Janeiro and Dubai, as well as its headquarters in Cardiff, Avantis is a fantastic example of a global business that has developed an excellent reputation in the technology market.”

Berry Smith and Grant Thornton advised the Development Bank of Wales and Activity Law advised Avantis.