Management buy-out of

Init has agreed to a management buy-out of Eldor UK Ltd, its Aberdeen-based unit, led by Carl Townsend, following a strategic review to sharpen focus on core markets. 

Eldor UK joined Init in July 2024 together with Eldor NO in Norway (now Init Stavanger) as part of Init Norway. The Aberdeen business is well-positioned to continue its development independently, supported by an experienced team and leadership with deep knowledge of the market, customers, and operations. 

For Init, the decision enables a clearer prioritisation of resources and investment in areas where the organisation can deliver the highest impact. From an ownership perspective, the transaction takes effect immediately, with both parties working closely over the coming months to ensure a smooth and structured transition, with continuity and collaboration as key priorities. 

Init would like to thank the Aberdeen colleagues affected by this change for their strong contributions, and to recognise Carl Townsend’s leadership and dedication in developing the business over the years. We wish Carl and the entire team every success in the next chapter.