Wed, 04 Dec 2024 | MBO/MBI
A Victorian era engineering company has been acquired through a management buy-in.
T.D. Cross Limited, trading as Cross and Morse, has been bought by Michael Capewell’s Astwood Group supported by a multimillion-pound asset-based lending (ABL) suite of facilities from Aldermore Bank.
The funding supports the businesses acquisition, the ongoing working capital, and the company’s growth plans.
Cross and Morse was founded in 1870 by Thomas Damby Cross specialising in supplying the gun trade. It now provides specialist, bespoke engineering and manufacturing services and power transmission products such as gears, roller chains, classical timing belts and freewheel clutches to clients across the globe.
It is the largest authorised distributor and stockist for American transmission products manufactured by Regal-Beloit (formerly EPT) in the United Kingdom.
It caters to a wide range of industries such as oil and gas, steel and sewage treatment plants.
Capewell will take over stewardship of Cross and Morse from David Shadbolt and Mike Scudamore who have been with the business for more than 40 years.
Capewell said he was impressed with the stability, history and brand of Cross and Morse, “making it a superb fit with Astwood Group's objective of seeking to own and grow established engineering businesses in the Midlands”.
Mark Robinson, business development manager for invoice finance at Aldermore, said: "We are delighted to work with Michael, providing him with a tailored solution to support the transaction. We're excited to see his growth plans for Cross and Morse, building on the success of the business to date.”
The transaction was supported by Heligan Group on the corporate finance side, RJS, mfg Solicitors and Attwoods and Prime Accountants.
Matt Croker, Director of Heligan Corporate Finance, said: “We are pleased we were able to find a buyer who we think will be a true custodian of the business.”
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