Tue, 13 Nov 2018 | MBO/MBI
Intermet Refractories, a metal casting component manufacturer, has completed a management buyout (MBO).
The Sheffield-based company was acquired by managing director Callum Arthur from its former parent Sheffield Refractories Ltd.
The deal was backed by HSBC UK and the business is now embarking on a path of growth. The company aims to increase turnover by 20 per cent and create a further five jobs.
With over 30 years of experience in the refractories manufacturing industry, both in South Yorkshire and internationally, Arthur began his career as a lab technician at a refractories business.
Now owner and managing director of Intermet Refractories, Arthur said: “HSBC UK’s financial backing and guidance gave me the means and confidence to undertake this buyout.
“We’re now looking to drive forward with a number of investments which will see us scale-up our product range, upgrade our production facilities and enter new markets – both in the UK and overseas.”
As well as supplying products across the UK, the company exports over 20 per cent of its sales to markets in Western Europe, Scandinavia and the Asia/Pacific.
With the backing of HSBC UK, the business will be investing in new manufacturing machinery to enable growth of its product range for industrial process applications.
Ryan Slater, HSBC UK’s relationship manager for South and West Yorkshire, said: “Sheffield has a proud history of metal production so we’re delighted to support a growth hungry business in a related industry.
“Callum has a wealth of experience and a clear plan to grow Intermet Refractories through strategic investments. We look forward to seeing the how the business grows and evolves over the coming years.”
Intermet Refractories was established in 1985 and is known for manufacturing a range of insulating and refractory specialist components for metal castings moulds.
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