A family-owned engineering firm that makes steel parts for the catering equipment industry among others has been snapped up by a private investment company.
Leeds-based Elland Metal Spinning and Pressing Company, which specialises in metal spinning and pressing, was bought for an undisclosed sum.
The corporate finance team at accountants Garbutt & Elliott acted as lead advisors for the sellers.
As well as providing quality parts for catering equipment, Elland Metal’s hardware is used in the production of domestic appliances, light fittings, dust extraction and filtration systems.
Richard Feltham, partner at Garbutt & Elliott’s Corporate Finance team, said: “The sale was precipitated by the retirement of managing directors Christopher and Stuart Baines. As a result of their impending retirement, we were appointed to find a buyer and to provide financial advice at all stages of the sale process.”
Feltham said the unnamed private investment firm was committed to growing the business. “They will undoubtedly move this long-standing business forward and further strengthen its position in its core markets,” he commented.
Elland Metal Spinning and Pressing was formed in 1947 and supplies a wide range of components in mild steel, aluminium, stainless, copper, brass, and various alloys.
Corporate activity at the company is understood to have picked up sharply over the last 18 months.