Silverwing team completes management buy-out

02/10/2012

Silverwing has announced the successful purchase of the group by the management team from founder Simon Packer. After 29 years of ownership, Simon Packer has sold his shareholding and retires from the Group Chair role.

The management team, led by Wayne Woodhead, MD, is said to be pleased to have secured the independent future of Silverwing and will be investing in the development of its market-leading MFL and ultrasonic product lines. Silverwing will be focusing on its key markets of storage tank, pipe and vessel inspection within the petrochemical, oil and gas markets, operating out of its UK, Middle East and South African facilities.

On completion of the purchase, Wayne Woodhead said: “Under Simon’s leadership Silverwing has shown strong growth over the last 10 years, establishing itself as the leading provider of storage tank testing solutions. Our strategy going forward will be to build on this position and continue to broaden the application of our patented technology into the pipe and vessel inspection market. There is a strong management team supported by excellent engineers and manufacturing skills. Our small, highly-skilled inspection team will continue to provide rigorous feedback on our products in the real world and will work with our customer base, providing training and support services to optimise their inspection programmes.”

Simon Packer has been a major contributor to improving tank inspection quality and efficiency over the years, and has developed strong relationships with leading inspection companies and research organisations. He commented: “I am pleased that Silverwing will continue as an independent company and I want to thank all employees of Silverwing who are the ones that made the company what it is now. I feel sure that the management team will continue to develop both the business and the inspection technologies, maintaining Silverwing as the world’s leading tank inspection equipment manufacturer.”

Silverwing will be attending BINDT (UK), MENDT (Bahrain), and ASNT (USA) exhibitions during the autumn, showing its innovative Floormap 3D MFL tank inspection system and high-speed ultrasonic inspection systems, where representatives will be happy to discuss future testing needs and gain input into its research and development programmes.

www.silverwinguk.com

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