Clive Owen LLP has secured the funding to support the management buyout of Thornaby-based Cotswold Manufacturing.
Ken Napper has completed the acquisition of the company, which manufactures doorsets, doorkits and screens for a wide range of customers.
The business, which was established in 2005, has a turnover in excess of £10m and Ken has ambitious plans to expand, and create further employment.
Cotswold Manufacturing employs more than 100 people and has invested heavily in leading edge CNC technology – the first of its kind in the UK joinery industry in order to ensure that production capacity is to the highest standard and exceeds existing requirements.
Its main CNC is robotically controlled within an IT network which is fully integrated across all functions of the business.
Ken Napper said: “Working with Angus and the team at Clive Owen made this complex transaction as smooth as possible and I’m delighted to be able to look forward to the future, putting into action our plans to expand the business, creating more employment opportunities.”
Angus Allan, corporate finance partner at Clive Owen LLP, said: “Cotswold Manufacturing is a superb business and Ken, who is forward-thinking with a real can- do attitude, is determined to take it to the next level.
“It has been a pleasure to work on this deal and I will be following the company’s progress as it grows.
“It’s a real Teesside success story!”
HSBC provided the funding and Endeavour Partnership were Ken’s legal advisers.
Nigel Williams, who led the Endeavour legal team on the MBO, added: “Teesside has some fantastic manufacturing businesses and Cotswold is a great example.
“During the transaction we got a unique insight into the ambition and drive that Ken and the Cotswold team have and we were privileged to have a chance of working with them”.
• Pictured above: Angus Allan (Clive Owen), Ken Napper (MD of Cotswold) and Mark Smith (HSBC).