Management team acquires Lancashire specialist cylinder manufacturer
Hornby based gravure engraving manufacturer, Intaglio Engraving Ltd, near Lancaster, has been acquired by four long serving, senior employees.
Intaglio Engraving Ltd, which was founded in 1977, has been acquired by its management team in a buyout from Mr and Mrs Banks, for an undisclosed sum.
The MBO team was led by operations director, Simon Nunney, who will now assume the position of managing director.
The firm, which has a circa £2m turnover and employs 18 staff members at its Station Road Site in Hornby, is a niche manufacturer of gravure printing rollers for many of the UK’s specialist gravure print companies.
The corporate finance team at Moore and Smalley, led by corporate finance director Stephen Gregson, advised the management team on the deal, providing support with tax planning and corporate finance. Legal advice was provided by Jennifer Grabowski and Suzanne Nickson of Oglethorpe, Sturton and Gillibrand Solicitors.
Stephen Gregson, director at Moore and Smalley, said: “The successful MBO is the next step in the life of Intaglio. The owner, Mr Banks, withdrew from operational management several years ago and the MBO team has successfully run and grown the business from that point.
“A sale to management was the natural outcome. It provides continuity for Intaglio’s blue-chip clients and will give a new impetus to Intaglio’s growth and development. It was a great result for the business, the vendors, the customers and the management team, we are glad that we could help them achieve it.”
Intaglio Engraving Ltd has quadrupled its production capacity over the last six years through investing in the latest technology and putting research and development at the heart of its operation.
Mr and Mrs Banks were advised on the legal aspects of the deal by Gateleys and Simon Carruthers and Doug Chadwick at CLB Coopers provided financial advice.