“The support and guidance from the team at the Development Bank of Wales has been instrumental over the last 18 months. Their experience of providing funding for MBOs coupled with their understanding of our business goals means that we have found an investor that genuinely shares our excitement and passion. That’s worth so much more than just the money,” Steve Lanigan, Chief Executive Officer.Pontypool-based ALS is a leading recruitment company specialising in the UK wide recycling and warehousing sectors.
A combined funding package of more than £1 million from the Development Bank of Wales and HSBC enabled the majority shareholders to exit the business, with the Development Bank taking a 20% equity stake in the new company.
The investment from the Wales Management Succession Fund has enabled the company to relocate to a new 3,500 sq ft office at Van Road Business Park, Caerphilly.