Tue, 23 Dec 2014 | MBO/MBI
A management team at Wakefield Acoustics has completed a £4 million buy out of the company.
YFM Equity Partners, one of the most active investment firms when it comes to small British businesses, backed the MBO. The move will look to support the specialist industrial acoustic engineering business’ plans for future growth, The Huddersfield Daily Examiner reported.
Wakefield Acoustics was founded in 1980 and designs, manufactures and installs a range of bespoke industrial and environmental noise control systems for a number of companies in the power, oil and gas, water waste and general manufacturing sectors. In 2005, it was bought by Jane Dawson – who will stay on as non-executive director following the MBO – and has seen consistent growth in recent years.
Lee Nicholson, who has been with the company for 12 years, will take over as managing director. Meanwhile, Chris Brown, chairman of Thermal Energy Ventures, will bring his 25 years of experience in the engineering sector to the firm as he joins as the new non-executive chairman.
The other members of the MBO team were: Paul Hebden, finance director; Kevin Dawson, operations director; and Rob Lomax, sales director.
The acoustics market in the UK is estimated to be worth £300 million and is predicted to grow at 13 per cent per year.
Mr Nicholson said the MBO would help the business achieve its “ambitious plans” and added the company would be consolidating its two engineering facilities into one while also hiring additional personnel.
Mr Nicholson said: “Given the strong market position we have established over 30 years, this is an exciting next step for the business which will enable us to remain at the forefront of industrial noise control technology, supporting our clients in addressing noise control legislation worldwide.”
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