The management team at Smethwick aluminium extrusion company LA Metals has bought out the company’s founding partners.
The management buyout (MBO) was led by managing director Joe Mullally and sales director Andy Wolliscroft and supported by a commercial finance package from NatWest Structured Finance in Birmingham.
Mullally said: “From a very solid base, LA Metals has flourished over the last few years and the timing was appropriate for an MBO to secure the company’s future, whilst allowing the founding partners to take advantage of their retirement plans.
“With the support from our current funders, NatWest, who have had a long association with LA Metals, we hope to be able to exploit opportunities throughout the region and grow the business in the niche areas that we have created.”
DNA Corporate Finance also supported the deal while Shakespeare Martineau provided legal advice to the management team.
Gateley provided legal advice to NatWest and Mazars provided financial due diligence. The vendors were advised by Jobson Solicitors.
LA Metals is a £3.5m-turnover business that was formed in 1988. It employs 18 staff.