Directors of a Midland engineering company have bought out a long-standing MBO investor to take full control of the business.
Filtermist International enlisted the support of Birmingham chartered accountants Clement Keys to bring off the deal and says it is now looking to develop its next generation of products and continue to expand into Europe, South East Asia, the Far East and the Americas.
Barclays Private Equity acquired a share in the Bridgnorth-based company in 1997.
This investment enabled directors Mike Stansfield, Ann Gabriel and Randall Taft to buy out the original owners. Since then the company has grown to a level of funding that allowed the scheduled exit of Barclays Private Equity.
Filtermist was founded in 1969 and has helped to improve health and safety in the machine shop environment by manufacturing a leading filter of oil mist and airborne contaminants from industrial machine tools.
Its range now includes extraction equipment and filtration materials used in air and fluid cleaning applications.
It also has a division marketing coolant control equipment.
Ross Cocker of Clement Keys said: "A company's needs change as it goes through different phases of development and Filtermist International, which is on a sound footing to invest in product development and explore new market opportunities, proves the benefit of long term strategic planning."