Tue, 10 Dec 2024 | MBO/MBI
A 52-year-old Sheffield engineering firm has completed a management buy-out – for the second time.
CTW Hardfacing, which was established in 1972, provides long-term wear resistant solutions to a range of industries such as power generation, steel production, oil and gas and food processing.
The first MBO at the group, which has around 25 staff, came in 2018 when Mark Hill and Adrian Carr bought out former owner Ken Cooke. This new MBO deal sees Carr buyout Hill to become the sole shareholder of the group.
On both occasions the deals were led by Jack Ware and Peter Wilmer of the Hawsons Corporate Finance team.
In the most recent deal BRM Solicitors, led by Rory Conwill, provided legal advice. NatWest and Royal Bank of Scotland Invoice Finance supported the transaction with a funding package that included a term loan, a commercial mortgage and an invoice discounting facility. NatWest was advised by Clarion.
Hill started his career at the company at just 16 years old and has served CTW for over 47 years in various manual and managerial roles.
“Six years ago the company founder Ken Cooke passed Adrian and I a great opportunity to take CTW on to its next chapter and during this time Adrian and I are proud to have achieved good growth through such unprecedented trading conditions such as Covid-19, Brexit and the supply chain disruption,” he said. “I hope Adrian and the wider team will continue to serve our clients well and help CTW move forward successfully for many years to come.”
Carr said: “Firstly I would like to personally thank Mark, it has been an absolute pleasure working side by side with him over the last seven years, we have gone through ups and downs within the business but we have always come out at the end smiling. We have pushed our limits to the highest standards to help set the foundations for CTW for many years ahead.”
Ware added: “CTW Hardfacing has gone from strength-to-strength since the MBO in 2018 increasing its turnover and profitability driven by the hard work of Adrian and Mark. I have every confidence CTW Hardfacing will continue its success following this MBO.”
Find out more about the growing popularity of management buy-outs
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