A North West aerospace and defence sector manufacturer has been bought by three members of its management team.
The management buyout of Atec Engineering Solutions has been completed, with the firm employing 43 staff at its Greater Manchester site.
The Worsley company designs, makes and maintains complex control and monitoring equipment for defence land, sea and air sectors.
It was announced on Wednesday that the deal was completed without any external debt or equity funding - allowing the firm to pursue its plan to expand capabilities with existing and new customers, as well as explore new market sectors.
John Bowden will become Atec’s new managing director and will be supported by Mark Poole, operations manager and Steve Atherton, finance manager, as the other two managers involved in the buyout.
Current owner and managing director Andrea Hough will remain as chairman and retain a minority stake in the firm.
Ms Hough said: “This exciting announcement will allow Atec to grasp the huge opportunities in developing industries such as nuclear power.
“Atec has been a huge part of my life since joining the company as an apprentice when I left school but in John and the rest of the management team, the company has a fantastic new management team who are well placed drive it forward.”
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Atec was purchased by Ms Hough and her business partner Terry Madden in 2004 following a company restructure. She then became sole shareholder in 2016.
Accountancy and business advisory firm MHA Moore and Smalley helped to facilitate the deal.
Corporate finance director Stephen Gregson led the advisory team along with Michelle Taylor and Tony Medcalf providing taxation advice.
Stephen Gregson, MHA Moore and Smalley, said: “This deal is a testament to the excellent business Andrea has helped to build over recent years and with the new management team, Atec is well positioned for its next stage of growth.
“Both parties have been hugely helpful and open throughout the whole MBO process and we are hugely pleased to have helped structure an excellent deal for both parties.”