MBO completed at West Yorkshire manufacturer
Posted on 17 Sep 2019 and read 869 times
West Yorkshire-based Siddall & Hilton Products Ltd, a manufacturer of steel-wire fencing and welded-mesh products, has undergone a management buy-out (MBO).
Founded in 1898 (www.sandhp.com
), the company employs 53 people at its Brighouse facility and exports its products to Ireland and Europe.
The MBO covers the acquisition of Mantis Holdings Ltd and Mantis Investments Ltd, and it has resulted in the formation of a new holding company, Blackfish Enterprises Ltd.
In 2015, Neil Stewardson led an MBO with Ian Thurley that enabled the Siddall family to leave the company, with the new management driving the business forward into new overseas markets and diversifying the product range.
Mr Stewardson’s shareholding has now been purchased by a consortium of existing management team members, led by Mr Thurley, who takes on the role of chief executive.
The MBO was funded by ABN AMRO Commercial Finance with support from the company’s mortgage provider, Barclays.
It was supplemented by significant equity investment from the shareholders.
Mr Thurley said: “The MBO represents the next stage in the evolution of Siddall & Hilton. This latest investment further strengthens the business, enabling us to work towards our ambition of being the most-efficient, profitable and environment-friendly wire mesh producer in Europe, as well as being an outstanding local employer.”
Mr Stewardson will now focus on other interests and investments, including a partial MBO at HPC Laser Ltd that was completed in 2017.