Engineering firm changes hands in £1.5m MBO
A MIDLANDS engineering firm has been acquired as part of a new management buy-out in a deal advised out of the region
Leicester-based Camloc Motion Control has been sold to sales and marketing director Andy Hubbard, finance director Julie Barker and engineering director Matt Warne. The trio are backed by private equity investment manager Foresight, which has invested £1.5m into the company.
Leamington Spa law firm Wright Hassall advised Camloc’s former managing director and American investors on the deal.
Camloc, which designs and manufactures gas springs and dampers, has been in business since 1989. The company, which employs 36 people and has annual sales of £4m, produces more than 500,000 products each year.
Steve Halkett, partner in the corporate team at Wright Hassall, acted for former MD Tony Calvert and the US investors.
He said: “Camloc has built a strong reputation for designing and manufacturing high quality products and has strong growth prospects.
“Tony Calvert and the management team have worked hard to build the business into the success story it is today and we’re delighted to act for Tony and the exiting investors on the successful conclusion of the deal.
Eastwood Anglo Corporate Finance also advised Camloc on the sale.
Bill Eastwood, lead corporate finance adviser at Eastwood, said the firm had been introduced to Camloc by its auditors – Grant Thornton in Leicester – and had been impressed by the quality of the management team.
“We helped them develop their plan, present it to potential investors and, together with Wright Hassall and the other advisers, bring the transaction to a successful conclusion,” he said.
“The investment of £1.5m by Foresight coupled with additional funding from RBS gives them a strong financial platform on which to develop the business.”
Other advisers on the transaction included Gateley, acting for Foresight and the new company, Mazars’ Nottingham office (financial due diligence), PMSI Strategy (commercial due diligence), Spearing Waite Leicester acting for the management team and Flint Bishop acting for RBS.
