Wales-based temporary staffing firm ALS Managed Services announced that it has completed a management buyout backed by HSBC and the Development Bank of Wales.

ALS Managed Services, established in 2014 and headquartered in Pontypool, Wales, specialises in the recycling and warehousing sectors. The business is also a member of the Recruitment and Employment Confederation. ALS manages about 1,100 temporary workers each week.

The Development Bank of Wales and HSBC provided a combined funding package of more than £1 million which allowed the major shareholders to exit the business smoothly and enabled the Development Bank to take a 20% equity stake in the new firm.

The investment by the Development Bank via the Wales Management Succession Fund has enabled the company to relocate to a new office in Caerphilly in southern Wales, to increase its service offering to clients to include a number of added value initiatives.

"We are very lucky to have such a talented team driving our growth in the UK recruitment market,” Chief executive Steve Lanigan said. "I am personally very grateful for their hard work and commitment over the last four years, and their evolution into the future leaders of our business.”

Senior investment executive at the Development Bank of Wales Stephen Galvin also commented, "Planned succession is the route to a successful exit.  Having worked with us over the last 18 months, the team at ALS really have delivered a text book example of a planned MBO transaction."