Elevating Semmco Group
Overview
Semmco designs and manufacturers maintenance access platforms and steps for aircraft, helicopters, trains and vehicles and designs and manufactures ground support equipment for the aviation and helicopter industries.
Semmco’s mission is to be the most respected maintenance equipment designer and manufacturer to the world’s airlines and rail companies and to deliver innovative solutions to keep professional people safe while working in high-risk environments.
Client details
Semmco Industry | Manufacturing for Aviation Link
“I can't quite believe that the discussion we had in my garden all those months ago has actually come true, but I can truthfully say that I really couldn't have done it without your support and guidance, not just during the sale process, but leading up to it. Thank you so much for all your hard work, focus and determination in making sure that all the financial elements to the sale were conducted efficiently, professionally and with immense focus. You have advised and guided me so well over the last 10 years and your attention to financial detail is second to none. I am quite sure that if we hadn't worked with you, we may not have this massive achievement. Thank you again for all you have done and for helping me realise my dream.”
Semmco Group Stuart McOnie
Business challenges
With multinational manufacturing sites and a global customer base – most significantly in the aviation sector – the Covid-19 pandemic had a huge impact on Semmco.
Stuart McOnie however used this challenging situation to refocus and restructure Semmco’s internal teams, including the introduction of a new management team. With Stuart at the helm, the new teams helped drive Semmco forward by improving internal and external processes, whilst continuing to enhance and deliver exceptional products to their ever-expanding client base.
Semmco have an enviable reputation and a comprehensive range of products, but were reaching a point in the company’s growth ambitions where new investment was going to be needed to take the business to the next level. As founder, Stuart now began to put in place a plan for the future of the business. Taking their time to identify the right partner with the same focus on manufacturing excellence and business integrity, Semmco have recently sold to Haki Safety who have the same focus on manufacturing excellence and business integrity.
Stuarts son, Will McOnie, will continue in his role as Managing Director for the Semmco Group, working with the new owners to achieve the long-term business goals.
How Altitude is helping
Altitude has worked along side Stuart and the Semmco team since 2019, providing fractional CFO support as well as advising on all their statutory and tax requirements. During the Covid-19 pandemic, we prepared detailed cashflow forecasts and supported the Group with refinancing its very restrictive finance facility into a far more flexible funding arrangement. We assisted with the implementation of a new management team and the structure surrounding management meetings to ensure that everyone was reportable and aligned on goals and KPIs for the business.
On a monthly basis, we work with the management team to provide a clear and concise financial review and annual three-way forecasting and reporting, ensuring the team have visibility on cash and profitability at least 12 months in advance of a problem arising.
Through our regular meetings we have built up an excellent relationship with the shareholders of the business. During these sessions we have taken the time to understand their individual goals and setting out a path to achieving these, as well undertaking strategic business planning to facilitate the founders exit. Having established that this exit would be a full third-party sale, we worked closely with Stuart and his stakeholder team to ensure the business would be in the best position to maximise its value.
More recently, we guided Semmco through the sale process recommending and working with other professional advisors to facilitate this.
Semmco is a huge success story for its founding shareholders and we are extremely proud to have played even a small part in its story. We look forward to continuing to support Will on his business journey.
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