15th August 2014
Rob McCarthy of Dow Schofield Watts Transaction Services provided financial due diligence to YFM Equity Partners as they back the management team of an industrial acoustic engineering business on a £4m MBO.
A four-strong team from Wakefield Acoustics has bought the Cleckheaton firm, which designs, manufactures and installs a range of bespoke industrial and environmental noise control solutions.
Lee Nicholson, who will become the managing director, was supported by finance director Paul Hebden, operations director Kevin Dawson and sales director Rob Lomax.
The business, founded in 1980, has recorded consistent growth over recent years establishing a strong market position with leading blue chip engineering companies supplying globally into sectors such as power, oil and gas, water waste and general manufacturing. Previous owner Jane Dawson will remain with the business.
Mr Nicholson said: “We have ambitious plans for the business which include developing and broadening the product range, consolidating our two current manufacturing facilities into a new facility in 2015 and delivering significant sales growth. Additional senior sales and engineering resource was recruited in 2014 to support these growth plans”.
YFM Equity Partners is providing funding to support the management buyout and future growth plans, which are being driven by increasing noise control and environmental regulations worldwide along with the recent upturn in infrastructure investment.
Ian Waterfield, investment director at YFM Equity Partners in Yorkshire, said: “We are backing a strong business in Wakefield Acoustics. 2015 will be a busy year for the team with a growing pipeline of business and consolidation of their manufacturing facilities into a new site.”
Chris Brown, current chairman of Thermal Energy Ventures with almost 25 years’ experience in the engineering sector, will join as non-executive Chairman.