Five senior employees at Riverside Automation have completed the management buyout of the thriving Sheffield control systems engineering company.
The management team purchased the business, which has a turnover of more than £2million, for an undisclosed sum from retiring MD Nick Totterdell, who had built it up over more than 20 years.
Riverside Automation Group produces process control systems for complex engineering projects in sectors including rail, steel, water, renewable energy, utilities, materials handling, food and beverage. It employs 25 staff across its two Sheffield divisions.
The new company is led by directors Jonathan Buck and Steve Moore along with senior engineers Paul Bird, Daniel Power and Ian Shaw, who collectively have worked at Riverside Automation for almost eight decades.
“Nick has left us with a full order book and a reputation for outstanding engineering and customer service.
“Our plans to drive forward the business include recruiting the best engineers, including talented graduates, to grow our team and rise to new technological challenges.”
Paul Trudgill, managing partner at hlw Keeble Hawson, one of Yorkshire’s largest law firms, with offices in Sheffield, Leeds and Doncaster, acted for the management team in the deal.
“Nick built a strong business that has continued to flourish during challenging economic times and I am sure that Jonathan, Steve and the rest of their team will continue the development of the business.
“Completion of this transaction demonstrates that the deal climate continues to improve for successful businesses.”
Andy Cribb, managing partner at Smith Craven Chartered Accountants, Sheffield, advised on the MBO.