Family-run business KMF Group has been fully bought out by its founding family almost 50 years after the company was established.
The management buyout (MBO), sees founding director Michael and sons Gareth and Daniel Higgins, who have worked at the business for a combined 85 years, take full ownership of KMF Group.
The Higgins family worked with HSBC UK to secure the MBO after the Group's former co-owner, Dacoll Enterprises Ltd, sought to sell its 50 per cent stake.
The deal was backed by HSBC UK and the business is now embarking on a path of growth ahead of its 50-year anniversary in 2021.
Gareth Higgins, Managing Director and Co-owner of KMF Group, said: "We are delighted to have secured an MBO to keep the group in family ownership."
"We are now looking to drive forward with continued technological investment which will see us scale-up our in-house capabilities, upgrade our production facilities and enter new markets – both in our UK and Slovakian engineering facilities."
The Group remains committed to being a high quality, agile and forward-thinking engineering firm well positioned for the future.
The deal was completed in early November 2018.
Paul Franklin, HSBC's Relationship Director for Staffordshire, commented: "We're pleased to have supported the Higgin's family in their management buyout. With fresh ideas and an ambitious growth strategy, KMF Group is well-positioned to capitalise on the UK's buoyant engineering sector."
Established in 1971 by founding director Michael Higgins and the M in 'KMF' (Ken, Mick and Fred), the company has grown from a back-street sheet metal business to a leading precision sheet metal fabrication & precision engineering group with over 500 employees and multiple manufacturing plants in the UK and Slovakia.