A pair of Black Country companies which fell into administration before Christmas have been rescued in a deal which saves 137 jobs.
Balustrading Solutions and Laidlaw Architectural Ironmongery, which are based in Willenhall and other sites and form part of Laidlaw Interiors Group, have been acquired out of administration by Intrinsic Equity.
The firm is the investment arm of Birmingham-based corporate finance practice Orbis Partners.
Clare Boardman and Richard Hawes, from financial services firm Deloitte, were appointed joint administrators on December 18 of Laidlaw Interiors Group which manufactures and sells products such as ironmongery, doors, handrails and doorsets.
They have sold the majority of the trade and assets of Laidlaw Architectural Ironmongery and Balustrading Solutions to an unconnected, newly formed company.
A total of 59 of the 137 rescued jobs are based in Willenhall with the remainder at seven other sites across England.
The business has been recapitalised with £4 million worth of investment and working capital facilities from Intrinsic Equity and new asset-based lending from Leumi ABL.
Laidlaw Interiors Group was formed in August 2011 through the combination of the doorsets and ironmongery businesses of Laidlaw with the interiors manufacturing division of SIG.
Deloitte said in December that it began a sale process last year after a number of significant delays with several major contracts alongside other unhelpful external trading conditions.
Richard Hawes, partner at Deloitte, said: "We are pleased to conclude the sale of the Laidlaw Ironmongery and Balustrading businesses to Intrinsic which will secure continued employment for the 137 staff.
"We wish the new owners and employees the best for the future. We are also pleased to have secured employment for more than half of all employees within the group."
In December, London-based investment house Valtegra rescued four of Laidlaw's group companies which saved 390 of the firm's 969 staff from redundancy at that time.