Accrington-based engineering firm Tufting Machinery Services Limited has been acquired in a management buyout for an undisclosed sum.
The deal sees Chris McGonagle and John Heap acquire the business from directors Eugene Regan and Paul Grant who are retiring. Both Eugene and Paul will continue to be involved in the business for an agreed handover period.
Chris McGonagle said: “Both myself and John are incredibly proud to take the reins of Tufting Machinery Services. Our focus is now on building on Eugene and Paul’s hard work to ensure the business has a secure and prosperous future.”
The corporate finance team at PM+M - the Blackburn headquartered chartered accountancy and wealth management group, provided corporate finance advice. Farleys Solicitors provided legal advice; NatWest Bank plc funded the deal and Forbes provided legal advice to the bank.
Tim Mills, corporate finance partner at PM+M added: “This is a fantastic opportunity for Chris and John and allows a well-established and much respected Lancashire business to flourish.”
Charlotte Mills, associate partner at Farleys, said: “It’s been a privilege to help Chris and John achieve their goal of taking ownership of a company with a clear plan for further business growth, and we wish them every success for the future.”
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