MBO fires up Process Combustion
Posted on the 28 January 2015
Combustion and heat transfer specialist Process Combustion has been bought out by its management team.
Lawyers from the Leeds office of law firm Ward Hadaway together with the corporate finance and tax team at accountants Brown Butler advised the management team at Harrogate-based Process Combustion on the acquisition of the company from international group Roberts Gordon for an undisclosed sum.
Process Combustion, which celebrates its 30th anniversary this year, designs and manufactures products and provides support services in connection with combustion and heat transfer technology.
Products made at its Harrogate factory include LNG vaporisers, thermal oxidisers, process heaters and fire fighting training systems which are supplied to customers around the world, including private and governmental sectors, along with multinational engineering and contracting companies.
Process Combustion's key markets include oil and gas, petrochemical, chemical, nuclear facilities, pharmaceutical, food processing, vehicle, paper and pulp, printing and glass manufacturing.
The management team who now own the business – managing director Dan Beishon and directors Julian Smith and Dave Stewart – have a combined total of more than 40 years' experience at Process Combustion.
Dan Beishon, who led the management team, and has worked at the company for the past decade, said: "This management buy-out is something we have been working towards for some time so it is terrific to have successfully concluded the deal.
"It is a great way to mark the 30th anniversary of Process Combustion and we feel the company has a really bright future ahead of it under the new ownership.
"We are looking forward to continuing Process Combustion's proud track record of supplying high quality equipment to a range of different industries and to driving the company on towards further success."
James Nightingale, Associate in the Corporate department at Ward Hadaway, led the firm's team advising the management team on the MBO, with support from Corporate Partner Paul Johnson and Ward Hadaway's Head of Banking and Finance Julie Harrison.
James said: "We are delighted to have assisted the management team at Process Combustion to conclude this successful MBO.
"Dan, Julian and Dave have put an awful lot of work into the company so it was important for us to ensure that the acquisition of the business proceeded smoothly. Working closely with the team at Brown Butler certainly helped in that respect.
"We wish the management team at Process Combustion the very best of success on what promises to be an exciting new chapter in the history of the company."
Dan Beishon said: "James and the team at Ward Hadaway provided excellent support and advice throughout the MBO process.
"They always kept us fully up to speed with developments and their experience and commercially-focused approach was invaluable."
The Leeds office of Brown Butler provided financial advice to the management team at Process Combustion with a team led by Geoff Thomas (Corporate Finance), who was assisted by Craig Hughes (Tax).