Grimsby-based engineering firm Blackrow Group undergoes management buyout

The buyout sees managing director Tony Booker, together with sales director Gary Pexman, operations director Nick Rands, structural/ piping director Luke O’Brien and electrical director Callum Day join the board and become majority shareholders.

Blackrow’s current directors and shareholders will remain on the board and retain an investment in the firm.

Mr Booker said: “Neil, Chris, Darren and Glenn have led Blackrow through periods of both opportunity and challenge and the strength of the business today is testament to their determination to invest continuously in the business’ facilities, people and capabilities.

"The management buyout team are delighted to have been given the opportunity to acquire Blackrow and to continue to build and grow this market leading, regional business.”

The £32 million turnover group has experienced significant growth in recent years, which it notes is expected to continue.

As well as the food and drink sector, the firm serves the chemicals, building, engineering and petrochemical sectors.

Blackrow has a blue-chip customer base which includes PepsiCo, KP Snacks and Knauf.

ABN AMRO provided new facilities to fund the transaction.

James Elliott, director at ABN AMRO, said: “Blackrow has a fantastic reputation in its markets and an impressive, loyal customer base.

"These factors, together with an excellent pipeline of projects over coming months and years led us to want to support the buyout, and the future growth of the business.”