Thu, 29 Aug 2024 | MBO/MBI
An engineering firm in Sunderland has undergone a management buyout (MBO) in a deal supported by prominent advisers. Owben Limited, a family-founded engineering firm established in 2011, is a specialist provider of bespoke mechanical and electrical engineering.
The company supports businesses in improving their operations through infrastructure and has worked with a wide range of global clients, ranging from large manufacturers to smaller firms. Some of its major clients include Nissan, Amazon and Siemens.
Last year, the company collaborated with Sunderland City Council, leading to an investment of more than £1 million into its new 22,000 sq ft facility in Sunderland.
The MBO is aimed at driving the next phase of the company’s growth, with the business now set to be led by a team of four senior managers: Andrew Corsar, Andrew Halpin, Anthony Holmes and Anthony Joice. Founders Richard Walsh and Lee Finney will also continue to hold senior positions within the company.
Managing director Andrew Corsar said: "Owben is a family-founded business, and we're immensely proud of what's been achieved since 2011. Our immediate focus is on sustaining the ethos Lee and Richard have created, which has been instrumental in our success. At the same time, we are eager to explore new growth opportunities that will increase our market presence and enhance our service offerings."
Newcastle-based law firm Sintons provided advice to the management team throughout the buyout process. The buyout was facilitated with funding from Barclays Bank UK, while accountancy firm RMT provided corporate finance and tax advisory for the deal.
Adrian Dye, head of Sinton’s corporate team, commented: "Owben is a long-standing client and we've seen how the business has grown and developed over the years. This buy-out is the start of a new chapter for the Owben team but one which will continue on the successful path put in place by its founders."
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