Cheshire law firm, SAS Daniels, has advised Congleton engineering firm HMK Automation Group, on a multi-million pound management buyout (MBO) by its four-strong management team.
The management team of Gary Kitchin, Andrea Stafford, Nick Calow and Patrick Tongs have purchased shares in HMK from the existing owners, including majority shareholder Carl Krajewski. Krajewski will become a non-executive director and retain an interest in the Cheshire engineering firm, while Gary Kitchin will stay on as Managing Director.
Gary Kitchin, CEO at HMK Automation Group, said:
It is business as usual for the management team. This deal cements our commitment to the business and will help us take HMK to the next level. We’re an ambitious company with class leading suppliers and a fantastic team of committed staff – we’re excited for the future.”
The corporate team from SAS Daniels comprised Partner, Paul Tyrer assisted by Sophie Adshead. Paul Tyrer said:
Typically a deal of this size and complexity would have been serviced out of Manchester or Birmingham. The experience and capability of our corporate team means that we were able to lead this transaction out of our Congleton office. We are increasingly finding that local business owners are attracted to our partner led, personal approach available on their own doorstep.”
NatWest provided funding for the deal. They were advised by Squire Patton Boggs in Birmingham (Roy Grist and Rory Thomas). RSM UK (Stoke office) are providing corporate finance advice to the management team led by partner Ian Latham and assisted by Matthew Kells.
Image: L-R: Patrick Tongs (HMK), Carl Krajewski (HMK), Nick Calow (HMK), Gary Kitchin (MD of HMK), Paul Tyrer (Partner, SAS Daniels), Andrea Stafford (HMK).