An historic Birmingham manufacturer has been purchased by its management team from descendants of the founding family.
The management buyout (MBO) of Brandauer has been led by chief executive Rowan Crozier, manufacturing director Stuart Berry and non-executive director David Chapman.
The trio has laid out a ten-year plan which will aim to build annual sales to £12 million by 2029 and add 20 staff to its 64-strong payroll.
Brandauer is a precision engineering company which started life making pen nibs in 1862 but whose roots date back even further than that.
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It now designs, prototypes and produces a broad range of tools and metal components, supplying clients in sectors such as domestic appliances, telecoms, medical and automotive.
Mr Crozier, who has been at the company for more than 16 years, said: "We believe we have created something special here, exporting precision parts and tools to more than 26 different countries from our base in Birmingham.
"When the family shareholders made the difficult decision to sell, there was lots of interest from overseas, some of our customers and private equity but deep down we knew that could mean changes to the fabric of the business.
"With this in mind, the management team decided we'd take matters into our own hands by leading an MBO. Importantly, all directors are in this for the long-term.
"We have carefully crafted a ten-year business plan that leverages our history and proven track record with a desire to move into new markets, including power storage, aerospace and defence.
"There'll also be a continued push to invest in automation to further increase our productivity.
"The initial focus will be on organically growing sales and diversification but there is definitely a desire to explore the future acquisition of complementary businesses that fit our precision journey."
Brandauer's history dates back to the 1780s when Jean Petit, a French Huguenot refugee, fled to England to escape religious persecution, setting up a metalworking business in Birmingham.
His grandson Joseph Petit followed in his footsteps, gaining his apprenticeship at one of the largest pen nib manufacturers in the world before forming his own company Ash, Petit & Co in the 1850s.
A few years later Carl Brandauer took over the company and the Brandauer name became a part of local culture, with Joseph remaining to run the business.
The Petit family, now in its sixth generation, still made up the majority of the 42 shareholders who sold the business.
Paul Rummer, who has been a shareholder and on the board for more than 17 years, said: "It was a momentous decision to sell but we're delighted that it has been purchased by Rowan, Stuart and David who have done such a fantastic job growing Brandauer and making it a truly world-class manufacturer.
"Staying in º£½ÇÊÓƵ ownership and in Birmingham was critical to our decision.
"The MBO team is hugely passionate about Midlands manufacturing and I'm looking forward to seeing how they move the business forward while retaining a keen commitment to providing high-skilled employment to local people."
The company has invested more than £5 million to create a precision engineering facility in Birmingham and a further £1.4 million has been earmarked for a new automation project launching and expansion of its precision machining capabilities over the next three years.
There will also be a major focus on its rapid prototyping service.
The deal was supported by funding from HSBC and terms were not disclosed. Advisers were Breeze, White and Black, Wilkes Partnership, Dains, Fortis Mazars and Ballards.
