Leeds investors look to grow manufacturing business with acquisition
A MANUFACTURER has been snapped up by a group of Leeds-based investors.
ProSpool, a manufacturer specialising in spool-winding has acquired Select Bag Sealers.
The 30 year-old Yeadon-based company manufactures automated bag sealing machines.
The ProSpool team, consisting of managing director Richard Hobson and Simon Browning has bought the business for an undisclosed sum.
Accountancy firm Mazars advised Select Bag Sealers’ owner Tom Foster on the sale.
He will be staying with the newly-merged business.
The corporate finance team in Mazars’ Leeds office led by corporate finance Partner Rob Burton and Will Brennand has advised Select Bag Sealers’ owner Tom Foster on the sale.
Geoff Thomas of Brown Butler acted on behalf of the buyer and legal advisors involved were Richard Buono of Blacks Solicitors acting on behalf of Select Bag Sealers and Chris Schofield of Schofield Sweeney for the buyer.
Tom Foster, owner Select Bag Sealers said: “I am delighted with the completion of the sale to a like-minded business.
“We share similar visions and values and a commitment to deliver innovative, quality solutions for our customers so this acquisition provides great synergy for both businesses.
“For our customers it’s very much business as usual and I see a promising future for Select Bag Sealers working alongside the highly experienced and successful management team at ProSpool.”
Richard Hobson, managing director at ProSpool added: “Product development and innovation are key areas of focus for us and the market leading equipment manufactured by Select Bag Sealers represents a highly complementary addition to our product range.”
Rob Burton, corporate finance partner at Mazars said: “It’s really positive for the region to see the sale of a successful manufacturing business to another Leeds firm.
“Both Select Bag Sealers and ProSpool have impressive track records and strong reputations which will be enhanced by the completion of this acquisition. We are delighted to support the timely completion of this deal and work alongside a team of Yorkshire advisors.”
