Sheffield gearbox repair business announces £1m management buyout
Sheffield-headquartered TDR Transmissions has completed a management buyout with support from NatWest and RBS Invoice Finance.
The seven-figure deal has transferred ownership of the business to its second-tier management team.
A collaborative funding package totalling £1m has been provided with NatWest and RBS Invoice Finance lending facilities. The remaining contribution has been provided by the new owners.
The MBO was led by managing director Lee Walkland, who takes over from his father Ken Walkand, one of two existing owners.
Lee will be joined by Darren Morland, Carl Smith and Jason Smith as the new owners.
Founded in 1979, TDR specialises in the repair and reconditioning of industrial gearboxes, vacuum pumps and industrial blowers.
The company has an annual turnover of £2.2m and employs more than 20 full-time staff.
The MBO has been supported by Wake Smith Solicitors, Knowles Warwick Accountants and BRM Solicitors.
Mr Walkland said: “This MBO heralds a significant milestone for TDR which has grown from a small-scale business to become one of the UK’s leading industry suppliers of gearbox repairs.
“My partners and I are looking forward to continuing the growth of the business and strengthening our position in the industry. It was important to us to work with a bank that understands our business and NatWest has really done that.”
William Islip, NatWest relationship manager, added: “We worked closely with TDR to develop a collaborative funding package with added value products and services to support the business growth.”
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