Azets, the UK Top 10 accountancy firm, has advised the incoming management team on the management buy out (MBO) of MTE Heat Treatment.
MTE Heat Treatment, based in Huddersfield, provides sub-contract services for the heat treatment and surface engineering of metals. Based in over 30,000 sq ft of custom-designed facilities in Slaithwaite, West Yorkshire, they service a broad customer base, including the automotive and heavy automotive sectors, marine, energy and precision engineering industries.
Azets advised the senior management team, Ben Redfearn and Jason Beaumont who have acquired the business from Geoff Windas and Nigel Dyson who are retiring. This was led by Tariq Javaid and supported by Richard Weston and Patrick Cree. Ramsdens, led by Stephen Newman, provided legal advice to the MBO team.
Funding was provided by HSBC, led by Vickie Kielty with legal support from Manjit Virdee at Schofield Sweeney. The sellers’ solicitors were led by Deborah Melluish from Eaton Smith.
Ben Readfearn, Finance Director and Jason Beaumont, Technical Director MTE Heat Treatment, said: “We are delighted to be part of this succession opportunity which provides continued security for colleagues and customers. The business has been set on a fantastic journey by Nigel and Geoff, we wish them all the best on their retirement and would like to thank them for leaving such a great legacy.”
“We received terrific support from Azets, who helped us navigate and negotiate the acquisition. We appreciate the dedication of the team in managing a smooth process throughout and delivering a successful transaction.”
Tariq Javaid, Corporate Finance Partner at Azets said: “We are delighted to have advised Ben and Jason on the MBO. They’re in a fantastic position to take MTE from strength to strength building on its excellent reputation. Despite the uncertain economic environment, this deal demonstrates the vibrant business environment in Yorkshire.”
“This is a great transaction and highlights the strength of the Yorkshire deals market. MTE is a long standing Azets client and we look forward to working with Ben and Nigel and the team on their growth journey.”