Rennicks completes management buy-out and appoints new UK Managing Director
We are excited to reveal two new developments promising to secure an even brighter future for Rennicks. Alongside the completion of a major management buy-out comes the appointment of a new UK Managing Director, Ross Bullerwell.
A management buy-out with promising predictions for future growth
Well-known as one of the UK’s leading providers in their field, Rennicks’ primary business services the high-volume UK automotive industry with vehicle registration components, including Nikkalite® reflective sheeting from Nippon Carbide Industries Inc. The majority of number plates in the UK and Ireland originate from Rennicks’ Irish plant.
Rennicks UK Ltd is part of the wider group, established in 1986 to penetrate the very significant UK roads infrastructure market. Its independent sales and distribution centre is based in Cheshire, supported by a national sales team. Rennicks UK offers an extensive and diverse range of products – notably established as the largest supplier of Nikkalite® retroreflective sheeting, with a focus on improving road safety.
The company has diversified over the years. With fully compliant products comprising UV inkjet printers, high definition tri-coloured mobile variable message signs, and a first of its kind Virtual Journey Time System, Rennicks is helping to improve road safety for everyone.
In 2006, Rennicks SA Pty was established in South Africa to offer that market an identical range of products and services.
This global expansion is set to continue following the news that Rennicks has undergone a major management buy-out. Led by Rennicks CEO Michael Flanagan and Finance Director Dolores Nevin, the buyout from Fitzwilton Group has been backed by Renatus Capital Partners. Corporate finance house IBI, led by Ted Webb and James Doody, advised the company on the investment and were instrumental in bringing all the parties together.
Michael Flanagan said, “This is an exciting deal whereby I have thirty-four years of working in the company as an executive and now have the opportunity, with the backing and support of Renatus and my management team, to own the company, help continue its growth and maximise the significant potential of this business.”
Fitzwilton are equally enthusiastic about the transition, which promises to facilitate further growth for the company. “Fitzwilton has owned the Rennicks Group of companies for nearly thirty years and believes it is an appropriate time to sell the businesses to the management team. The Rennicks Group has been very profitable and cash-generative under the ownership of Fitzwilton. The Board of Fitzwilton wish the management team and Renatus all the best in developing and growing the businesses.”
A new MD to steer subsequent development
Following such huge developments at the end of 2017, Rennicks UK Ltd is incredibly excited to begin 2018 with the appointment of Ross Bullerwell as their new Managing Director. As former Managing Director of DBI Services UK and Director at Amey, Ross has 20 years’ experience in highways as contractor and client for both the public and private sectors. This ensures that he has a comprehensive range of perspectives, enabling him to take the company forward with genuine appreciation for the markets it penetrates and continues to dominate.
Ross said, “I’m excited to be joining Rennicks at a pivotal time in the company’s growth. I’m looking forward to using my skills and experience in highways to lead the Rennicks UK team in expanding existing and new markets.”