Lawyers advise on management buyout of Halesowen businesses

The corporate team at Thursfields has advised the shareholders of Black Country-based Midland Oil and Rods Oils on their exit by way of a management buyout.

The deal was supported by a £3.4m facility from Cynergy Business Finance.

Midland Oil is a high-performance lubricant manufacturer that produces an extensive product range supplied to sectors such as industrial, metalwork and automotive. Rods Oils specialises in metalworking fluid applications, water mix fluids and advanced neat cutting oils.

Thursfields director Gareth Burge and Joe Rollins advised the sellers, Arthur Rennie and Paul Furness. The purchasers are Richard Parry and Mark Hayes.

Joe Rollins, associate solicitor, said: “We were delighted to advise Arthur and Paul on their sale of Midland Oil and Rods Oils, and we wish everyone involved the very best for what look like great business prospects.”

Rennie said: “We were very pleased with how the sale was conducted. Thursfields handled the sale extremely professionally and Joe helped the deal go through very smoothly.”