The Corporate team at Taylors has completed the management buy-out of longstanding client, Wakefield Acoustics Limited, in a £4million deal that will support the future growth of the company.
Stephen Jarman (Corporate Partner) and Matthew Catterall (Solicitor) acted for the exiting Managing Director, Jane Dawson, who acquired the business in 2005 and the management team, led by Lee Nicholson, the incoming Managing Director.
Speaking of the transaction, Taylors' Corporate Partner, Stephen Jarman, said, "Having worked with Jane and the team as their legal advisers over the past four years, it has been an absolute pleasure to see her achieve a partial exit whilst leaving the business in such capable hands going forward".
Lee Nicholson, Managing Director of Wakefield Acoustics said: "We have ambitious plans for the business which include developing and broadening the product range, consolidating our two current manufacturing facilities into a new facility in 2015 and delivering significant sales growth. Additional senior sales and engineering resource was recruited in 2014 to support these growth plans".
Wakefield Acoustics, based in Cleckheaton, Bradford, designs, manufactures and installs a range of bespoke industrial and environmental noise control solutions. In recent years, the company has recorded consistent growth establishing itself a strong market position with leading blue chip engineering companies supplying globally into sectors such as power, oil and gas, water waste and general manufacturing.
The UK acoustics market is estimated at £300m in the UK growing at 13% pa. The main drivers for this growth are the increasing noise control and environmental regulations worldwide along with the recent upturn in infrastructure investment which has also driven market demand as all new projects must meet increasingly stringent noise control requirements.
Lee Nicholson, Managing Director of Wakefield Acoustics added "Given the strong market position we have established over 30 years this is an exciting next step for the business which will enable us to remain at the forefront of industrial noise control technology, supporting our clients in addressing noise control legislation worldwide".
Funding for the transaction was provided by YFM Equity Partners.