Panoramic Growth Equity (Panoramic) has backed the management buyout of specialty industrial insulation business Elmelin. This is the tenth investment for Panoramic Growth Fund 2.
Walthamstow based Elmelin has been operating for over 100 years providing specialist insulation solutions into a range of markets across the globe. With a focus on the refractory market, over 80 per cent of sales are exported through both distributor channels and direct to the customer. Elmelin’s strength lies in its ability to develop insulation solutions specific to customer needs, and to provide the resilience and quality required in high temperature applications across a range of markets.
Panoramic is backing Managing Director Terry Hughes and Sales Director Christian Krauss, who will continue to the run the business, and target new areas for growth, particularly in the electric vehicle and battery markets where they are rapidly developing further specialism. Terry Hughes has many years’ industry experience, having been in senior roles at St Gobain across the UK and Ireland, amongst other international roles utilising his strong engineering experience. Christian is an experienced sales and business development professional having worked in his native Germany for many years in industrial markets, and latterly having moved to the UK to join the team at Elmelin.
Terry Hughes says: “From start to finish, Panoramic provided us with excellent support through all stages of our MBO. Their focus was very much on building a strong relationship with the management team, helping us to test our assumptions for the future and working with us to create a joint vision for the business. We look forward to working with Panoramic to continue to grow Elmelin and invest in new capabilities.“
David Wilson, partner at Panoramic, says: “We are delighted to support Terry and Christian in their management buyout of Elmelin, a business that has a long and distinguished track record in its target markets. We are delighted to support the transaction and now put our focus into helping Terry and Christian deliver their growth aspirations, and in continuing to support their many customers with excellent products and high levels of service. Terry and Christian are a first class team, who now have the opportunity to take Elmelin into new markets both at home and abroad.”
Panoramic’s investment into Elmelin was led by Partner David Wilson and supported by Investment Manager Jake Wilson. Panoramic were advised by Keith Dinsmore of lawyers Vialex. James Cowper Accountants provided Financial Due Diligence through Brad McAvoy and Nathan Willis. Management were advised by Andrew Thomson and Ricky Lane at HMT and legal advice provided by Stephanie Perry at BDB Pitmans.
