Leicester-based SEAC, a leading fastener manufacturer, has undergone a management buyout backed by Midlands financiers.

SEAC's product range includes plastic topped screws, nails and rivets.

Employing 50 people, it sells into the construction, automotive, manufacturing, marine, engineering, shop fitting and retail sectors.

It also sells through specialist builders merchants.

The MBO team of David Buckley, managing director, Richard Beer, finance director and Kevin Hick, operations director, have bought the business from Halma which originally purchased it in the 1970's.

Halma is a Stock Exchange listed, safety and electrical engineering group.

Mr Buckley said: "We are pleased, with the help of our funder and advisers, to have secured a future for the business and its employees. We look forward, with confidence in our ability, to develop and grow profitably."

The deal was backed by asset-based lender Enterprise Finance Europe which has offices in London, Manchester, Leeds, Birmingham, Bristol, Cambridge, and Belfast.

The Bank of Ireland provided commercial mortgaging facilities to the transaction with Cooper Parry Corporate Finance acting as lead adviser.

Peadar O'Reilly, director with EFE in Birmingham, said: "We had just over four weeks to bring the deal to a successful conclusion. We are delighted to be backing a strong management team with a great business and range of products."

Cooper Parry partner Heath Walker said: "For a number of years SEAC has been an increasingly non-core subsidiary of its parent.

"Given the vast experience of the management team a traditional MBO always represented the ideal solution. There continues to be significant funding available to support such transactions and I would urge more management teams to consider this as a suitable exit route for business owners."

Leicester-based Freeth Cartwright advised EFE/Bank of Ireland. Harvey Ingram provided legal advice to the management team.