Management buy-in at Chesterfield businesses

A management buy-in, led by Marie Cooper and Chris Brown, has acquired a controlling stake in Chesterfield plating and surface technology specialists NiTEC UK and Spire Laboratories.

The deal will see Marcus Hill and David Brown, the founding shareholders, are staying with the businesses and retain shareholdings.

Cooper and Brown were previously part of the management team who built private equity-backed President Engineering Group, before its sale to Parker Hannifin in 2015.

NiTEC and Spire were identified as a potential target for the pair by Sheffield-based dealmakers, Castle Square Corporate Finance, which, led by directors Kevan Shaw and Lisa Ritson, advised on deal negotiations and led the fundraising process.

HSBC provided the debt funding package and corporate team of Lupton Fawcett’s Sheffield office provided legal advice to the management buy-in team on the acquisition and funding aspects.

NiTEC is a company specialising in electroless nickel plating and high-end surface treatments, and operates from one of the largest capacity plating facilities in the world.

Spire Laboratories offers a range of testing services associated with the validation and certification requirements for the surface treatment industry.

Shaw said: “Looking at its blue-chip client base, NiTEC is clearly a market leading company in its sector and under Marcus and David, has grown significantly in recent years by serving global markets. Marie and Chris, working together with Marcus and David will take the company to its next level of growth.”

Hill said: “David and I are extremely excited to work with Marie and Chris developing the business and we look forward to the future”.

Chris Alsop, who led the HSBC team, said: “Marie and Chris have an exemplary track record and I am very confident that they will move NiTEC forward with great success.”

Lupton Fawcett’s Neil Large said: “This was a fast-moving transaction involving various parties and advisers. It required a dedicated, client focused, approach from a team of multidisciplinary lawyers at Lupton Fawcett in Sheffield to drive the legal process and documentation. It was an absolute pleasure to work with Marie and Chris, and the Castle Square Team, on this deal. I have no doubt, under the new management, Nitec and Spire will go from strength to strength and enjoy further growth and success.”