Seven-figure deal sees founders take full control of Pinxton company
The founders of a specialist thermal spray and paint company in Pinxton have secured 100 per cent ownership of their company, after buying up shares from a third party.
The directors of Metal Process Services (MPS), Bob Hemstock and Russ Kingswell, have bought a 33.3% share in the business from Bulwell Precision Engineers, after landing a seven-figure funding package from NatWest and RBS Invoice Finance.
Hemstock and Kingswell founded the company in 1996 to provide thermal spray and coating services for the aerospace industries. It counts Rolls-Royce as one of its customers.
The company currently employs 57 staff.
Michael Lane, accounts manager at MPS who managed the deal on behalf of the company, said: ‘We offer a particularly specialist service in a continually growing market place. Thanks to the funding from NatWest, Bob and Russ have taken full ownership of the business and are able to explore opportunities for further growth. The founders have a forensic knowledge of the business and we look forward to utilising that to expand the company and our client base.’
William Islip, relationship director at NatWest, and Paul Green at RBS Invoice Finance worked with MPS on the deal. Islip said: ‘MPS has worked with NatWest since 1996 and this is a pivotal deal for the company. With Bob and Russ’ leadership, MPS can continue to reaffirm its leading position in this sector and we look forward to working with the team as it grows.’
Those providing advice on the deal included Paul Trudgill at Keebles, Emma Sadler and Andrew Curtis at Addleshaw Goddard, Paul Cliff at Gateley and Adam Ames and Andy Ryder at Shorts Chartered Accountants.
