INDUSTRIAL insulation products business Anglitemp has been acquired by a management buy-in (MBI) team.
Gordon Lough, formerly manufacturing director with the Cape Group, led the team which acquired the Newcastle firm, with the help of financial advisors Quantum Corporate Finance and lawyers Robert Muckle.
Anglitemp, based on the Tyne Tunnel Trading Estate, was established 20 years ago, and has built itself into a leading position in the supply of industrial insulation systems to the petrochemical, oil, gas and power generation industries. It has a staff of 17.
Mr Lough, 40, said: "Anglitemp is well respected in the industry and has an extensive record in providing solutions to customers' insulation requirements.
"Quantum came highly recommended as corporate finance advisors for this type of deal, and the quality of Robert Muckle's advice was crucial to sealing the deal."
Mark Irving, manager at Quantum Corporate Finance, said: "The deal has been carefully structured to allow the company to grow significantly in the coming years."
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