Maun Industries Ltd was established in 1944 and is the UK’s largest manufacturer of pliers with a specific design innovation for parallel action tools.
Maun Industries Limited have been making specialist hand tools for over 75 years, specialising in supply of security sealing products for utility businesses. They export to around 40 countries. Avondale were first approached to find a buyer for the business in 2017 and following strong market interest, a private equity buyer representing a single family office offered a successful bid.
Although the preferred acquirer enjoyed a successful portfolio, they were not highly experienced in business acquisition and near the end of the due diligence process became nervous about the transaction, prompting a renegotiation of terms. They had already stipulated a management change programme and deferred payment structures and eventually negotiations stalled in May 2019.
The business sale offer was relaunched in May 2019 by Avondale and elicited further interest from new buyers as well as renewed interest from the unsuccessful original bidders. From a short list of 2 the winner emerged as a private individual who had been looking for a new challenge. He had sold his consultancy business earlier and was able to proceed without external funding, completing in six months.