Stockport-based engineering company Hima-Sella has undergone a management buy-in. Clearwater International advised the owners – the three directors and the German company Hima – on the deal.
Hima-Sella employs 80 people and supplies engineering and software solutions to sectors such as oil, gas, rail and defence. Its key customers include such names as BP, Statoil, Occidental, Ineos, Corus and Metronet Rail.
The deal gives control of the business to the new management team. Ian Wright takes over as managing director, John Blackwell as finance director and Eddy Turnock as sales and marketing director. The team have all come to Hima-Sella from Transmitton, a Siemens company. Established as Sella Controls over 30 years ago, the company was the subject of a management buy-out in 1994 in which one of the company’s principal suppliers, HIMA Paul Hildebrandt Gmbh + Co KG (Hima), took a 25 per cent stake in the business. The business subsequently changed its name to Hima-Sella.
The deal provides an exit for Hima and the original MBO team – managing director Peter Garland, sales director Jeff Dolan and production director Mike HIbbert, who have spent ten years building the business. It was financed with a substantial package from the company’s bankers, The Co-operative Bank. In addition the four exiting shareholders will retain a minority share in the business and Peter Garland will continue as non-executive director.
“The buy-in will provide an exit for Hima and the management team, who have been very successful in building the business over the past 13 years. It will also secure the company’s future by giving control to an experienced management team who are able to exploit the opportunities to take the business forward.”