A former officer in the Gurkhas has completed two back-to-back management buy-ins with support from the Birmingham office of asset-based lender Enterprise Finance Europe.
Ian McEvoy, who was a captain in the famous regiment, acquired Halifax Fan and Lorlin Electronics from Halifax Industrial Group for undisclosed sums.
Mr McEvoy almost immediately sold on his interest in Lorlin, which makes electronic switches at its base in Sussex to a team headed by current manager John Gray.
Mr McEvoy will remain in charge of Halifax Fans, which makes industrial fans ranging in value from £200 to £250,000.
He now intends to take the firm, which employs 54 people in West York-shire, into the Chinese market.
He said: "These are two good, solid businesses.
"I am looking forward to building on the impressive brand and reputation of Halifax Fan.
"A key market for export sales will be China, which has great potential, and we'll also be focusing on research and development which will be an integral part of our continued success.
"The Lorlin MBI team which is being headed by John Gray has a strong management and product range and I wish them every success going forward."
Halifax Fans and Lorlin were two of four manufacturing businesses acquired from Halifax Industrial Group, a venture capital backed concern formed between 1996 and 1999 by the then fund managers Gartmore.
Control passed to Bridgepoint and Elder-street, who after five years of management were looking to exit.
Enterprise Finance Europe provided funding for the MBIs of Halifax Fans and Lorlin and the subsequent MBI of Lorlin and are also providing ongoing working capital.
Ian Bath, EFE director in Birmingham, said: "This has been an interesting deal to work on, initially funding two MBIs, followed by another MBI with the Lorlin business being sold on to John Gray in back to back deals.
"EFE is continuing to fund Lorlin as the business moves forward and these businesses are ideally placed to build on the platform that our funding provides."
DLA Piper Rudnick Gray Cary in Birmingham provided legal advice to Enterprise Finance
Europe. Due diligence for the MBI team was under-taken by Mazars in Milton Keynes.
Lawyers to the MBI team were EMW Law in Milton Keynes.