Birmingham-based corporate finance advisers Orbis Partners has advised on the sale of TMAT to the North American group Blachford Incorporated.

TMAT, based in Chesterfield, Derbyshire, designs, engineers and manufactures acoustic components for industrial and agricultural vehicles.

It supplies major original equipment manufacturers in the UK, Europe and South America.

Blachford is a global manufacturer in the ACE (agricultural, construction, earthmoving) market segment.

TMAT will continue to manufacture its products and solutions at its Chesterfield HQ.

The UK business will also benefit from the R&D laboratory resources Blachford has at its disposal.

Orbis invested in TMAT alongside management through its investment vehicle Intrinsic Equity when the business was bought out of administration in 2009.

Since then Orbis has worked with management and restructuring specialist, Advent Partners, through the restructuring and rebuilding of the business up to its current turnover of approximately £10 million.

Jason Lippitt, who will remain as MD of TMAT, said: “We are delighted to have been bought by a world-class, global investor that shares our strategy and ambition.

“Our business plans are so closely aligned that they could quite easily have been written by one another. Both businesses are absolutely committed to R&D and to making the best solutions for industrial and agricultural vehicles across the world, steering clear of the automotive sector.

“With Blachford behind us, TMAT will be considerably better-placed to extend its global reach and take advantage of exciting new opportunities to supply global OEMs that previously would not have been possible.”

Chris Gregory, partner at Orbis who led the transaction, said: “Having worked with TMAT for the last five years we believed that finding a global strategic buyer was essential to enable TMAT to further develop.”

“We worked alongside our worldwide partners in Clairfield International and our office in New York identified Blachford as an ideal partner.

“From the initial conversation and meetings it became clear of the strong product and market-fit between the two organisations. The investment into TMAT means that Blachford - which has considerable North American and global presence - will now have presence in Europe.”

Simon Gill at Gateleys in Birmingham provided legal advice to the TMAT shareholders.