YORKSHIRE-BASED Birkby's Plastics, one of the biggest operators in the European plastics moulding industry, has been bought by its management.
The deal for the company, based in Liversedge, West Yorkshire, was led by the management team including chief executive Ian Parker, operations director John Child, sales and engineering director Macartan Flanagan, finance director Nicky Rose and huma
n resources director Fiona Jones. Tom Moore, the newly appointed chairman, was also involved in the transaction.
The business, which employs 400 people and also has a technology centre in Detroit to support its work with the automotive industry, was bought for an undisclosed sum.
It is a UK market leader in the manufacture and supply of injection moulded components to the automotive industry and turns over in excess of £40m.
Mr Parker said: "This deal is really a passing of the baton from one generation of managers to the next.
"We have had a favourable reaction from our customers and this buyout is being seen as an important part of moving forward and our aim is to make the transition as smooth as possible and remain a world class player in the sector we operate in."
Founded in 1867, Birkby's is a pioneer of plastics manufacturing in the UK and specialises in the design, manufacture and assembly of plastic components for the automotive and specialist industries worldwide using state-of-the-art technology.
Among the products it makes are electronic throttle control pedals for diesel vehicles, hard drive casings for Hewlett Packard computers and parts for Xerox photocopiers.
Its customers include Toyota, Honda, Nissan, Ford PAG, Faurecia, Treves, Lear and Johnson Controls. Legal advice to the buyer and management team was provided by Watson Burton.
Corporate finance partner Martin Smith said: "We have been delighted to work with Ian and the management team and to successfully assist in the completion of the buy-in, buyout of Birkby's. Birkby's is an excellent Yorkshire business and will undoubtedly move forward and strengthen its position as a UK leader in the plastic moulding industry."
Giles Taylor, from KPMG Corporate Finance, said: "We are delighted to have advised the exiting shareholders on this transaction which follows on from our advice when they acquired the business in 2003.
"Through innovative structuring this management buyout deal provides a great platform for the new tier of management to take the business forward through its next stage of growth."
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