Redditch-based Able Tooling has been supported by Close Brothers Asset Finance in a management buy-out (MBO) by two existing team members.
The deal has enabled a smooth transition of ownership from retiring founder Nigel Rhodes to Carl Brazil, production director, and Scott Lewthwaite, managing director, both long-term employees. Says Simon Parker, regional manager for Close Brothers Asset Finance – manufacturing division: “The company has been trading for nearly 30 years and is well-run with a range of high-value machine tools. This allowed us to offer a re-finance deal using equity in the machinery to part-fund the acquisition of the business.”
For further information www.closeassetfinance.co.uk