A Birmingham engineering group has undergone a management buyout four years after falling into administration.
Arc Specialist Engineering has been acquired from Greybull Capital by its management team backed by Mobeus Equity Partners.
Arc produces high-quality, non-stick coated steel for the bakeware industry and rolled steel products for the fenestration sector through its Wolverhampton-based divisions Cooper Coated Coil division and EWS.
Investor Greybull Capital acquired Arc, then an AIM-listed company called Metalrax, out of administration in April 2013.
The deal secured the jobs of the firm's 400 employees since when the company has refocussed on its core businesses, disposed of non-core units and made strategic acquisitions to further strengthen its offer to customers.
Greybull partner Nathaniel Meyohas said: "We are very pleased with such a successful outcome for this historic UK manufacturer following our acquisition and successful turnaround since 2013.
"This is testament to Arc's dedicated team, as well as a demonstration of Greybull's ability to bring its expertise to bear to achieve the right outcome.
"Over the four years of ownership, we have invested time and resource to ensure Arc's management had the necessary support to turn around this fundamentally strong business.
"We are delighted that, with the support of Mobeus, the current management team, led by Andy Richardson, will be taking the business forward, further building on the strong foundations put in place in recent years."
Arc's chief executive Andy Richardson added: "The past four years have seen a transformation of Arc into a profitable growing business, with hundreds of jobs saved along the way, all made possible by much-needed investment in our manufacturing capabilities.
"We are immensely excited about the next stage of our journey, which would not have been possible without Greybull's guidance and support.
"We are very grateful for everything which they have committed to the business."