CEO of Fenland firm agrees deal to buy president’s shares
THE ownership of a Fenland firm is set to change hands after the company’s chief executive agreed a deal to buy out its president.
Steve Rawlins today signed an acquisition agreement with Bill Ingram - Wisbech-based Anglia Components’ president and majority shareholder - giving him rights to buy all the company’s shares not presently in his hands.
The transfer in ownership of the UK’s lead electrical component distributor is being arranged without the use of external funding.
Mr Rawlins said: “I am excited about Anglia’s prospects in the current market, and delighted to have the opportunity to acquire the business.
“We will continue to evolve and develop as the market and our customers’ needs change, but at the heart of the business is a superb and motivated team, who support an outstanding customer base in the UK and Ireland.
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“Anglia has always been a great place to work and a great company to deal with, and that is something that won’t change.”
Mr Rawlins joined the field sales team at Anglia in 1976 and was promoted to sales director in 1984. He was made managing director in 2003 and chief executive in 2006.
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Mr Ingram said: “Since Steve took over as CEO in 2006, Anglia has strengthened its position as the largest privately owned electronic component distributor in the UK.
“Steve and his team have increased the business by 40 per cent over the last five years, posting consistent strong year on year growth despite the ups and downs of the market.
“They are to be congratulated on this outstanding achievement. I believe the company will continue go from strength to strength under Steve’s ownership.”
Mr Ingram set up Anglia in 1972 and was the company’s CEO until 2006. He then handed over the day to day management of the company to Mr Rawlins but stayed on as president.