The chairman of Tamworth FC has sold his engineering business to a Malaysian-based corporation.
Tamworth based Nautic Steels, founded in 1978 by Bob Andrews, has been sold to Pantech Group Holdings for an undisclosed sum.
Nautic makes pipe fittings and flanges for the offshore industry, used for sea water systems including process cooling, fire water applications and desalination plants.
Following the sale, overseen by Midland firm Hawkins Hatton, Mr Andrews will remain in the business for a short period, but now plans to devote more time to his number one interest outside of work – supporting Tamworth FC.
Nautic employs around 70 people at its manufacturing plant on the Tame Valley Industrial Estate, while Pantech plans to boost worldwide sales through a European operation.
Mr Andrews said: "Pantech serves similar markets to Nautic making us an ideal fit for their business as they look to further build international sales of pipes, fittings, flanges, valves and other pipe related components.
"I received very good support from the team at Hawkins Hatton and am now looking forward to devoting more time to Tamworth FC which has punched above its weight in the Conference league over recent seasons."
Colin Rodrigues, corporate partner at Hawkins Hatton, said: "As this was an international transaction it brought its own unique challenges, but we were delighted to have advised Bob Andrews throughout the process and bring about a successful sale."
Double A, the Mayfair based corporate finance boutique firm, worked closely with Nautic and Hawkins Hatton throughout the transaction.