North West manufacturer GB Controls has successfully completed a management buy-in.
Mitchell Charlesworth’s corporate finance arm MC Vanguard and law firm SAS Daniels LLP helped to secure the deal. GB controls, based in Colne, Lancashire, is a leading designer, manufacturer and distributor of control panels for the refrigeration industry.
It has been acquired by entrepreneurs James Hibbert and Peter Wootten for an undisclosed sum.
Mr Wootten, an accountant from Wilmslow, said: “We are delighted to have completed the deal. GB Controls is renowned for its quality, service and technical excellence.
“The firm has a strong core client base due to this excellent reputation and a long-standing dedicated workforce. Our aim is to build on this using our knowledge and expertise with an expanded network of contacts.”
Mr Hibbert, a chartered engineer from Romiley, said: “GB Controls prides itself on delivering high quality solutions with a quick turnaround. We believe the business has great potential for growth and employment by the strategic expansion of the firm’s expertise within existing and new target markets.”
GB Controls specialises in the manufacture of energy saving control equipment used for refrigeration and other industrial and commercial applications. It has been operating for more than 25 years and has a current turnover of circa £1m.
Mitchell Charlesworth’s Manchester based Corporate Finance Partner Bob Gore worked alongside Santander Corporate Bank to create a package to fund the deal.
Mr Gore said: “This is a good business with significant opportunities for profitable growth and ideal for a Management Buy In. Both parties worked well together which was a significant factor in enabling us to put the deal in place.”
Ian Bateson, Director of Business Development from Santander Corporate Bank said: “Santander Corporate Bank are delighted to have worked in partnership with Peter and James in supporting their exciting acquisition and wish them every continued success.”
SAS Daniels Stockport based Corporate Law Partner Lorna Bennett led the team which advised the MBI purchaser GB Technology Limited on the corporate, real estate and employment aspects of the deal.
Mrs Bennett said: “We were pleased to be able to assist James and Peter with this significant step in the history of GB Controls and I am confident of their abilities in developing growth.”
The firm has been sold by Alf Black and Jack Glasgow who set up the business in the 1980s. Mr Glasgow said: “We are extremely proud of the reputation we have built at GB Controls.
“The firm has grown steadily in recent years and we are very happy with the result of the sale. We have total confidence that the future of the business is in very safe hands.”