UK-based geotechnical instrumentation business Itmsoil has announced that it undergone a management buy out.
The MBO was led by chief executive officer Mark Kirkbride, who joined the business in 2010, along with James Cook, Bob Tutill, Mark Wildash, Mark Heath and Eric Gastine who will form the main operating board.
According to Kirkbride, Itmsoil has doubled in size in the last two years and turnover is expected to reach £30M this year. Kirkbride added that his new management team has restructured the business and are actively pursuing opportunities to acquire additional skills and businesses.
“The future holds many opportunities and together the management team is looking forward to entering a new era,” said Kirkbride. “We are in an excellent position to further expand and ideally positioned to benefit from the forecast increase in infrastructure expenditure around the world.”
Itm was formed in 1999 by an MBO by Jon Scott and Chris Rasmussen. The company was renamed Itmsoil in 2002 following the acquisition of Soil Instruments. Both Scott and Rasmussen will retain shares in the business and continue to support R&D and business development.
According to a statement from the company, Scott and Rasmussen recognised the benefit of having a more dynamic, focused and professional senior management team and wanted them to have greater ownership of the business.
Kirkbride said, “This management buy-out confirms that the senior management team is fully committed to the business and the MBO is of major benefit in terms of stability and confidence to our staff, clients and customers.”