Employees of Swindon’s Retrac
Group, manufacturing specialists in the Formula 1, Formula E, aerospace and
defence sectors, have completed a buy-out of the company in an eight-figure
Tech-focused investment bank ICON acted as lead advisor,
enabling the staff to acquire the business through an Employees Ownership Trust
(EOT). Under the deal, five decades of ownership by the Carter family has been
transferred to the 115-strong workforce, who will be the beneficiaries of the
company’s future success.
Long-standing co-owner and
Retrac Productions Managing Director, Andy Carter, has stepped into the role of
Chairman of Retrac Group.
He said, “We firmly believe
that the EOT mechanism is the correct succession plan for the business. Since
my father founded Retrac in 1972, the most important aspect of the business is
the employees. The average service record of more than a decade stands as
testament to the loyalty and commitment of the Retrac workforce.
“The benefits that EOT employee
ownership can bring to businesses are widely acknowledged, including improved
employee engagement and wellbeing, and better business performance. We want our
employees to have the chance to share in future success.
“Thanks to ICON’s advice,
expertise and support throughout, we are able to take the business to the next
phase, increasing growth and enhancing the security and prospects of all our
Experienced automotive and
motorsport executive Dan Walmsley has been appointed as CEO. Dan joins the
company having played a key role in the Ventilator Challenge UK Consortium,
where he co-ordinated multi-site production activities for Airbus, Ford,
Siemens, McLaren, Penlon and GKN Automotive as part of the Cabinet Office
response to the Covid-19 pandemic.
Prior to this, Dan spent four
years as McLaren’s motorsport director and four years as team principle at FIA
World Sportscar Championship team, Strakka Racing.
He added, “Retrac Group has been a key supplier to more
than half of the Formula 1TM World Champions over the past 25 years. The
business has diversified its blue-chip client portfolio across multiple
sectors, providing engineering solutions in advanced materials, tooling and
“Under the EOT, we aim to build on this legacy, targeting
revenue growth of 50 per cent by 2023 and creating a bright future, bringing
tomorrow’s technologies to reality for our clients today through the use of
innovative, lightweight materials and rapid manufacturing.”
Find out more about Retrac Group
Pictured: Retrac Group CEO, Dan Walmsley