Precision engineering
“Compass’s expertise in structuring tailored funding packages, such as asset-based lending, was instrumental in facilitating the MBO. Working closely with Allan Robinson, we found the process to be seamless. Allan’s clear explanations and supportive guidance were invaluable during the transition, ensuring that the financial aspects of the MBO were addressed effectively. “It was quite scary at first with all the financial implications, but Compass made the situation so much easier for us and got the deal through. Every step of the way was explained without any jargon. This is what you need, this is what we needed – and there didn’t seem to be too much paperwork. Allan and the Compass team made the process so simple because - we could rely on what was being said, was being done. It was easy for us to always approach Compass and speak to them, you don’t have to wait in a phone queue. “It meant we could concentrate on developing and building the business without having to worry about the finance.” The MBO completion was at the end of October 2024. “For the first three months we didn’t tell staff or our customers,” said Ieva. “It’s not that we had anything to hide, but when we made the announcement, we wanted people to know we’d been running the business successfully ourselves and things were going well.” Mick, who originally started with the “We have been exceeding intake plan, things are really going well.”
company as a machine operator in 1989, moved into planning and estimating 16 years later, and then into sales. “It was quite scary because of the financial implications,” he said. “It seemed a huge deal because of the responsibility, not just in a financial sense, but the fact that you have nearly 30 people working for you whose job security and providing for their families is effectively in your hands. “We have an incredible workforce who are so committed and loyal. Hardly anybody leaves, except when they eventually retire!” Aegina made a small profit in December – traditionally a month where there is a small loss. And since January, orders have gone through the roof. “We have been exceeding intake plan, things are really going well,” said Ieva. “We had a six-month review, and all the accountants and advisers have been saying how well we were doing. “We have a great team. The secret is making improvements and not upsetting the cartwheel. Make slow but consistent change.” Mike and Ieva have now started attending occasional outside forums and seminars as part of the strategy for a next stage of growth. “Aegina’s legacy of quality, commitment and internal development remain firmly at its core,” said Ieva. “Defence is one of the markets we will be targeting for the next chapter for our company while continuing to serve and grow existing clients with precision and reliability.” The new owners’ complementary strengths – Mick’s technical sales acumen and Ieva’s operational and regulatory leadership – will no doubt ensure Aegina’s successful future. n www.compassbusinessfinance.co.uk
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Machinery & Manufacturing
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