Multi-million pound MBO completed at machinery repair business

Sheffield-based CTW Hardfacing has undergone a multi-million pound management buyout from its former owner, the past Master Cutler, Ken Cooke.

Established in 1972, CTW Hardfacing provides long term wear resistant solutions to a wide range of industries including power generation, steel production, oil and gas and food processing.

The management buyout team was formed by works manager Mark Hill, and chief operating officer, Adrian Carr.

A joint funding package to support the transaction was provided by NatWest senior relationship manager, Paul McCarron, and Paul Green of Royal Bank of Scotland Invoice Finance.

Legal advisors to the management team were CMS in Sheffield, led by Ben Hendry.

The deal was led by Hawsons Corporate Finance.

Pete Wilmer, Hawsons corporate finance partner, said: “Mark and Adrian are genuine industry experts and CTW has proven itself to be a remarkably consistent performer throughout the economic cycle.

“Having taken a leading role in running the business throughout Ken’s recent tenure as Master Cutler I have every faith in their future success, it’s been a pleasure to work with everyone involved.”

McCarron added: “CTW is a fantastic business and the bank was delighted to support the long serving MBO team as they take the business forward to its next generation. This was a great team effort by all parties and advisers with superb collaboration from all involved to get this transaction completed.”

Keebles (led by Matt Ainsworth) provided legal advice to the vendors whilst Lupton Fawcett (led by Sheffield corporate partner Neil Large) advised NatWest.

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