A Birmingham company which supplies specialist optical instruments has undergone a management buyout.
Moseley-based Birmingham Optical distributes and services specialist optical instruments and machines for opticians, hospitals, eye care clinics and optical laboratories.
The products are used by opticians and ophthalmologists for testing eyesight, early disease diagnosis and ongoing monitoring while edging machines are used in the production of spectacle lenses.
It will say goodbye to its chief executive of 25 years, Chris Tyler, as part of the undisclosed deal while Amanda Danson, who joined the company in 2011, will join the board.
Managing director Neil Townsend and chairman Gary Vicary, who are both original shareholders, will continue in their current roles.
The acquisition finance team at Clydesdale and Yorkshire Banks in Birmingham has provided senior debt and working capital facilities to support the management buyout.
Senior director Ian Howey, who led the deal with Ian Mansell, said: "It is extremely satisfying to be able to assist in the evolution and development of customers like Birmingham Optical Group.
"The current board has been involved with the business for over 20 years and this transaction will ensure a smooth transition into the next phase of the company's development."
The shareholders were advised by Nigel Barratt and Ian Dawson, of Hurst & Co Corporate Finance, and Ian Morris, of EMW Law.
Clydesdale Bank was advised by Paul Ray, of law firm Browne Jacobson, and David McClelland, of Carlton Strategy Advisors.