A NORTH-East chartered accountancy and business adviser firm has led on the successful management buy-out of an engineering company on Teesside.

Prosafe Engineering's managing director Greg Hynes was an equal shareholder in the business with co-founder Mike Styan and has now acquired the additional 50 per cent of the business, which supplies a bespoke range of process safety products and services to large-scale processing industries globally.

A senior team at Clive Owen LLP oversaw the buy-out to support the fast-growing firm which won 2018 Newcomer of the Year at the North East Business Awards.

The Teesside company is now set for investment from Mr Hynes to support the firm's ambitious growth plans.

Mr Hynes said: "Through our team of highly skilled engineers and vastly experienced industry experts, we deliver complex solutions to major industries such as oil and gas, petrochemical, and tank storage.

“Although Prosafe Engineering was established only two years ago, it has grown significantly in that time, and we’re already working directly with some major blue-chip clients including Sabic and INEOS.

“I believe the foundations are in place for us to successfully build upon and exploit the opportunities that lie ahead, hence the decision to embrace full ownership.

"As a team we look forward to a very promising future.”

Clive Owen LLP, which has 11 partners and more than 100 members of staff across three offices in Darlington, Durham and York, were brought in to offer their 35 years of experience.

David Wilson, corporate finance associate director at Clive Owen LLP, said: “We are delighted to have worked with Greg and Mike on delivering this deal which will enable the new management team to implement their exciting plans to further grow and develop the business and build on the huge success they’ve already achieved.

"As a valued client of Clive Owen LLP ,we will be taking a keen interest in future developments and wish Greg and his team all the very best."

Louise White from Jackson Solicitors provided legal advice to the company and Endeavour Partnership’s Martin McKinnell assisted with the sale on behalf of Mr Styan.

Ms White said: “It was a pleasure to work with Greg and the company on this transaction.

"Prosafe Engineering is a dynamic and fast-growing organisation and we look forward to working alongside them as they continue to grow and evolve in the future.”

Jacksons Law firm is one of the North-East’s longest established law firms and has been practising in the Tees Valley for more than 140 years.

Operating from its head office in Stockton-on-Tees, an office in Newcastle-upon-Tyne and office space at the North East Business Innovation Centre in Sunderland, it is placed to assist clients across the region on a wide range of business and personal legal advice.

  • For more information on Clive Owen LLP, visit cliveowen.com or call 01325-349700.