Approximately 91 per cent of voting members have approved the offer recommended by Valpak’s independent directors for a management buy-out of the company.
This will see Valpak change from a mutual to a limited liability company and every member will receive up to £610, worth £2.5 million in total. Over 30 per cent of the voters have nominated that the money be donated to charities Water Aid or the Woodland Trust.
Valpak’s management team will acquire 70 per cent of the business and Greenpoint Holdings will buy the remaining 30 per cent. Greenpoint is the owner of German compliance scheme DSD.
Valpak senior independent director Gerry Orbell said: “Having carefully considered all expressions of interest, and taken independent advice, I am confident that the joint management and Greenpoint bid offered the best option for members, employees and the future of the company.
“I am extremely pleased that members have voted in favour of the proposal. It is both a testament of their commitment to Valpak as a gold-standard service provider and of their confidence in the current management team.
“Throughout this process, the feedback from members has been overwhelmingly positive. It has never been about the money but about the best people who can continue to provide the best value-adding services. I am delighted with the result, which I believe will see an enhancement of Valpak’s current offering and, in the long term, a platform for the development of new compliance services and products in the UK and into the continental European and global market.”
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