Altrincham building energy management firm Building Automation Solutions has changed hands in a buy-out worth £40 million.

A management team led by chief executive Brin Sheridan has bought the business from Bob Savage and Steve Dalton, who had led its earlier spin-out from engineering giant Siemens in 2007. The pair have retained a stake in the company

The deal was backed by London-based Bridgepoint Development Capital.