A YORKSHIRE-based company that works with some of the biggest names in the oil and gas sector has been acquired in a management buyout (MBO).
NDT, the non destructive and mechanical testing business, has been bought by its co-managing director Tim Elwell. Mr Elwell, who joined the 57-year-old business in 1991, now owns 100 per cent of the shares after buying out his fellow co-managing director Peter Firth. Mr Firth is leaving the Sheffield-based business he acquired from his father, Ray, in 2008.
The deal was structured by the chartered accountancy firm Mark J Rees, which has been working with the business for more than 30 years. NDT, which began life in the 1950s as Industrial Radiography (NDT) at Cricket Inn Road, now employs 45 people at nearby Maltravers Road.
Tim Elwell, who joined as a metallurgist before taking on senior management roles, said: “The business went from strength to strength under Peter and has excellent opportunities to grow further. Our advantage is that we are not confined to any particular kind of testing. “I’ve been in the business for a long time and since the MBO the day to day hasn’t changed. But where Peter and I shared responsibilities in the past they are now solely mine – it is a new feeling I’m enjoying.”
Peter Firth said: “NDT is in excellent hands and I know Tim will be well supported. Tim and NDT have a great future.”