Manufacturer’s future secure following buy-out
A YORKSHIRE manufacturer which produces products used in the metal casting industry has been sold for an undisclosed sum.
Intermet Refractory Products has been acquired by Trevor Staton and Julian Gray – both major players in the refractories industry and who in 2006 were involved in the acquisition of Sheffield Refractories.
While equal partners in Intermet Mr Staton is the majority shareholder with Sheffield Refractories.
Intermet, which employs 50 people on its 10 acre site, supplies most of the metal casting companies in the UK and has significant export sales to a number of European metal casting companies.
The company has a turnover of more than £5m.
Mr Staton, who is managing director of both Intermet and Sheffield Refractories, said: “Intermet has an established supplier base which includes a number of blue chip companies and the majority of raw materials are sourced from the UK. It is our strategy to establish a group of companies that can provide quality niche products and services to traditional manufacturing markets that use refractory and associated materials. Intermet is our second acquisition in this plan, which also focuses heavily on developing organic growth. We see the potential for significant synergies with Sheffield Refractories that will be to the benefit of both companies.”
The business had been struggling prior to the acquisition by an outstanding pension deficit which has now been resolved.
Patrick Abel, corporate finance partner in the Sheffield office of accountants and business advisers PKF who were lead advisers to Intermet said: “Trevor and Julian are existing clients so we are delighted to be working with them to develop a group that has now enhanced its capabilities and is a major player in the refractories industry, both in the UK and overseas.”
Legal advisers were Halliwells and partner Neil Thompson said: “Having worked with Trevor and Julian on their acquisition of Sheffield Refractories and seen the transformation they have made to that business I have no doubt their skills will succeed equally at Intermet.”
