Cardiff Engineering Consultancy Changes Hands in Planned Management Buyout
A significant transition has taken place at DRAC Consulting, the Cardiff-based building services engineering consultancy, which has been successfully acquired through a carefully orchestrated management buyout. The transaction sees Lewis Doherty assuming the role of managing director, taking over from the company's founding directors, with the deal being substantially backed by a seven-figure equity investment from the Development Bank of Wales.
Leadership Succession Years in the Making
This business succession represents the culmination of a long-term strategy. Mr Doherty, who is the son of co-founder Carl Bassett, originally joined the firm in 2015 as a junior electrical engineer. He has spent several subsequent years being systematically prepared for this leadership role, ensuring a smooth transition for the established business. While the precise financial value of the acquisition remains undisclosed, the involvement of the Development Bank of Wales underscores the transaction's significance and the confidence in the company's future trajectory.
Core Business and Client Base
Founded in 2009, DRAC Consulting specialises in providing comprehensive mechanical, electrical, and public health (MEP) engineering consultancy services. The firm operates across a diverse portfolio of public and private sector construction projects, offering expert advice, design solutions, and project supervision for building services. Its substantial client roster includes numerous local authorities, housing associations, health boards, and prominent property developers throughout the region.
Strategic Support and Future Growth Plans
To structure this complex transaction, Lewis Doherty was advised by JCP Solicitors, alongside Tanya Wilson and Chris Thomas of SME Finance Partners. In a move designed to bolster the company's leadership, Chris Thomas will join the business as non-executive chair, bringing additional financial expertise and strategic guidance to support DRAC Consulting's next phase of development.
The company also demonstrates a strong commitment to nurturing future talent through its participation in the University of South Wales's Network75 scheme. Currently, DRAC supports three apprentices who are undertaking recognised degree qualifications while gaining practical workplace experience. This includes two apprentices focused on electrical engineering and one dedicated to mechanical engineering.
Vision for Sustainable Development
In his first comments as the new managing director, Lewis Doherty emphasised continuity and steady growth. "DRAC is a business that has been built from the ground up, and it means a great deal to be trusted with taking it forward," he stated. "This transition has always been about continuity – for our clients, our staff, and our partners. I simply want to build steadily on what's already a strong and well-respected business."
He outlined a clear focus on sustainable, measured growth, developing the company's people, and maintaining the high-quality service standards that clients have come to rely on. Mr Doherty also praised the Development Bank of Wales team for their supportive and professional approach throughout the entire process.
Bank Backing for a Welsh Business Succession
The deal was managed for the Development Bank of Wales by investment executive John Babalola and assistant investment executive Conrad Price. Mr Babalola commented on the strategic importance of the transaction, noting it was "an excellent opportunity to support a business succession that has been carefully planned over a number of years."
He highlighted DRAC Consulting's position as a long-established and profitable engineering consultancy with robust client relationships and a reliable pipeline of work, particularly through key public sector frameworks. "Lewis has demonstrated the capability, ambition, and leadership required to take the business forward, while the continued involvement of the founding directors provides reassurance for staff and customers alike," Mr Babalola added. "We're very pleased to support a transaction that protects jobs, maintains continuity, and enables the next generation to lead a Welsh business with confidence."
