SMS Undergoes Management Buyout, Name Change
NOTTINGHAM, UK – SMS Electronics has undergone a management buyout, its second in seven years.
Effective Mar. 1, managing director Andrew Maddock and financial director Craig Tayler have assumed ownership of the EMS provider. They have renamed the company SMS – Smart Made Simple.
“SMS – Smart Made Simple has become my home away from home, and my team has become my surrogate family,” said Maddock in a press release. “This is the model that Craig and I want to continue to adopt, to embrace, and develop a ‘family’ business, one where everyone is connected to shared goals, and every decision is a smart one, aimed to make business engagement simple.”
The company was acquired from former chairman and coounder Mike Harby, who led his own MBO in 2012. It was previously a factory for Siemens Manufacturing Services.
The management buyout for an undisclosed sum was supported by a finance package from HSBC UK.
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