Leighton Buzzard-based Power Tan, a leading manufacturer and distributor of indoor tanning products, has completed a management buyout (MBO), ensuring business continuity and future expansion.
Founder Gary Banks, who established the company in 1987 as World Suncare Products, is exiting the business to retire. Former management team members Andrew Koutsou and David Cooper will now take over operations, aiming to drive growth and expand Power Tan’s international presence.
Watersheds facilitated the deal, with partner William Senior leading the process. He highlighted the benefits of MBOs for both exiting owners and management teams seeking greater control and business expansion.
Banks praised Watersheds for its role in structuring the deal, ensuring a smooth transition while allowing him to focus on business operations during the process.
