Blackburn-based LC Automation is entering a new era after the successful completion of a management buyout.
The new team of directors made the move when the previous owner retired to prevent a third party takeover, and have made significant personal investments in the deal.
LC Automation is a leading distributor of industrial products, offering a high level of technical expertise.
Malcolm Chadwick, Managing Director at LC Automation, said: “The buyout ensures the company remains in the hands of the people who know it best, and allows us to continue to expand and diversify the business.
“A strong industrial base is essential for the country’s economy, and LC Automation can be at the heart of cutting-edge technology, creating a new golden age for manufacturing in Lancashire and beyond.”
The industrial automation distributor helps clients to modernise and tailor their manufacturing processes with state-of-the-art technology. They supply the products, and offer technical support and safety training to maintain the highest standards possible.
Last year, LC Automation saw a 25% increase in turnover, as the company looked to supply growth industries.
The buyout takes the number of directors at the business from two to four. Peter Stott joined LC Automation 24 years ago as a trainee sales engineer. Phil Dowell came to the company is 1996 as company secretary, and is now Financial Director. Operations Director Paul Catherall was a YTS trainee when he was first employed by LC Automation 23 years ago.
“All our directors have worked their way up through the ranks, so they are dedicated to driving the business forward. The new structure will deliver excellent customer service and help our customers to improve efficiency by utilising the latest technology and expertise,” said Malcolm.
“Employees will have the opportunity to progress just as I, and the rest of the directors have, and their jobs will remain as secure as they were before the buyout.”
Accountancy firm Pierce and Forbes Solicitors acted on the deal, with NatWest providing the financial support.
Pauline Rigby of Forbes Solicitors said: “It was an absolute pleasure for Forbes to have the opportunity to work with the directors of LC Automation. It is an exciting time for the directors and we wish them all the success in their new venture.”
Tim Mills, senior manager at Pierce Corporate Finance, said: “This deal illustrates how long serving employees can work their way up through the company, see it grow and become its owners.
“The MBO team have some great ideas and a new impetus to move things forward, and I know they are all relishing the opportunities and challenges their new roles will bring.”
Sean O’Malley, Relationship Director at NatWest, said: “The new management team has considerable experience having worked in the business for over 20 years. They impressed us with their future plans for LC Automation and we look forward to working with them in the future.”
LC Automation stock products from 21 of the worlds leading suppliers of factory automation and safety products. They offer exceptional support and training programs to a vast range of industries. For more information telephone 01254 685900 or visit http://www.lcautomation.com.