Two directors who between them have clocked up 47 years with the Cotswold Group have completed a management buyout of the manufacturer.
Joint managing directors Iain Morgan and Lesley McDonough have formed a new company, Cotswold Holdings, after buying the company from Yurek Wronski, Keith Tarling and Mike Tarling.
The deal, for an undisclosed sum, sees Mr Morgan and Ms McDonough taking the helm of the four companies in the group, covering a diverse range of business activities.
Presswork specialist TAW Chandler & Sons, based in Redditch, supplies numerous OEM manufacturers with complex pressings.
Cotswold Architectural Products, based in Cheltenham, is a supplier of window hardware to the UK and to 35 other countries.
Perfect Circle, also based in Cheltenham, provides bespoke injection moulding solutions, producing some six million moulded components per month to the UK market.
The fourth company, C h i p p e n h a m - b a s e d Regent Lock Company, produces more than three million locking mechanisms per year for industries as diverse as boat building, jukeboxes, vending equipment and the automotive trade.
Birmingham business lawyers BPE advised on the purchase.
Mr Morgan said: "We see tremendous opportunities for developing our business operations further and are delighted to have completed the deal.
"As complete novices to the management buyout experience, it was an intense six months before completion."
Tim Ward, corporate partner at BPE, said: "It was good to be involved in a management buyout which, for all parties, was a long-term exit plan, completed without rancour or disagreement. As there was no requirement for outside funding, due diligence was not required, making the deal relatively smooth and straightforward to complete."