A specialist training firm is on the expansion trail after changing hands in a £15 million management buyout deal funded from Birmingham.

The buyout of Develop Training, which provides services to the utility sector, was backed by Barclays Ventures.

Clearwater Corporate Finance advised the four-strong management team, while HSBC Leveraged Finance provided acquisition debt facilities.

Develop has training centres in York, Derby, Swindon, Glasgow, Bradford, Warrington and Whitwell, near Oakham. The firm is among the market leaders in training for the water and gas industry, and serves clients in rail, electrical, mechanical and building services.

The buyout gives control to Cheryl Foreman, previously managing director and now chief executive, sales director Russell Coleman and finance director Simon Duckworth. Previous owner and chief executive, Stephen Cowell, has retained a shareholding and becomes executive chairman.

Cheryl Foreman said: "I am

delighted to have the opportunity to work with our new funding partners and to drive the business forward to realise its full potential.

"Key to this will be to continue to work in partnership with our clients delivering high standards of technical and health and safety training to help achieve business objectives.

"In addition to our core gas and water training we are pleased with the continuing strengthening of our offering in courses for transportation and facilities management."

Simon Kelsall, regional director of Barclays Ventures, who led on the deal from Birmingham, added: "We view technical skills and health and safety training, particularly in the utility sector, as an industry with tremendous potential for growth, and Develop is really well positioned to build on its success."

The Clearwater team consisted of partner Jon Hustler and assistant director Karen Edwards. Mr Hustler said: "Develop has built a strong reputation for providing quality training and expanded rapidly under the leadership of Stephen Cowell and Cheryl Foreman. Cheryl and her team have ambitious growth plans."