West Yorkshire manufacturer Siddall and Hilton Products is targeting new growth after successfully concluding a management buyout.
The Brighouse-based producer of industrial mesh products holding and property companies Mantis Holdings Limited and Mantis Investments Limited, have been acquired for an undisclosed sum.
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As a result a new holding company has been formed under the name Blackfish Enterprises but the firm will continue to trade under Siddall & Hilton Products.
Founded in 1898, Siddall and Hilton manufacturers welded steel mesh high-security, general fencing and industrial mesh panels and employs a total of 53 people.
Its products are exported to Ireland and throughout Europe.
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It is the second time the firm has been bought out in five years, with Neil Stewardson having led an MBO with Ian Thurley in 2015. The deal enabled the exit of the Siddall family, with the new team having driven the business’s geographic expansion.
Mr Stewardson’s shareholding has now been purchased by a consortium of existing management team members led by Mr Thurley, who takes on the role of chief executive, together with co-investors Morgan Beresford-Lambert, Andrew Lingard, Simon Butterworth, Neil Sutcliffe and Pam Jackson.
The buyout was funded by ABN Amro with support from Barclays and supplemented by significant equity investment from the shareholders. Clarion, DWF and RSM advised on the transaction.
Mr Thurley said: “The MBO represents the next stage in the evolution of Siddall and Hilton Products Limited.
“Having placed the business on a sound footing for the future, our focus will be on improving long-term sustainability through greater employee engagement and involvement, ensuring that we create a ‘one team’ ethos which builds on the loyalty, dedication and commitment already amply demonstrated by our staff.”