A Black Country manufacturer whose components are used in Ferrari sports cars has undergone a £5 million management buyout.

Clamason Industries, which is also counts industrial giants such as Bosch and Siemens among its client roster, has been acquired by its management team with financial support from London-based investor Connection Capital.

Clamason, which employs more than 200 staff at its bases in Kingswinford and Slovakia, makes a diverse range of high-specification parts and bespoke components for the medical, power, consumer goods and automotive sectors.

Founded in 1947, it now supplies Delphi, Sanofi, Volkswagen, Nissan and Volvo among others.

The MBO team consists of existing directors Neil Geoghegan, Paul Edwards, Steve Davenport and Ian Davies with Steve Hewitt and chairman Peter Williamson joining the senior team.

Connection Capital clients invested £5.4 million to acquire a majority stake in the company and it said that Clamason's international client base and existing production capabilities in Europe placed it in a good position to withstand risks thrown up by Brexit.

Bernard Dale, partner at Connection Capital, said: "Clamason has real momentum and this investment will provide it with the vital financial capacity it needs to capitalise on its potential to grow and develop its business.

"Being a leading manufacturer in its field, boasting numerous long-term blue-chip contracts across a diversified range of capabilities and industries, with a consistent growth record, a strong order book and an established base in Europe, this asset-backed MBO proved a highly popular investment opportunity for our clients."

Mr Geoghegan, managing director of Clamason, added: "This is a very exciting moment in Clamason's history.

"As we embark on the next stage of building our business, this investment will give us the financial scope to exploit growth opportunities with both new and existing clients and service areas.

"For us, it's a real endorsement that so many private investors have seen the value in our company and are keen to back us as we put the next phase of our strategy into action."

Financial services firm Mazars advised the management team alongside legal advice from Eversheds and Freeths for the vendors and management team respectively.