CTW Hardfacing Management buy-out
CTW Hardfacing Limited, based in Sheffield, has undergone a multi-million-pound management buyout from its former owner, the past Master Cutler, Ken Cooke. The transaction was led by Hawsons Corporate Finance.
Established in 1972, CTW Hardfacing Limited are leaders in the field of providing long term wear resistant solutions to a multitude of industries including power generation, steel production, oil and gas and food processing.
With decades of industry experience between them, Mark Hill (Works Manager) and Adrian Carr (Chief Operating Officer) have combined to form the buyout team. A joint funding package to support the transaction was provided by NatWest (Paul McCarron Senior Relationship Manager Sheffield) and Royal Bank of Scotland Invoice Finance (Paul Green). Legal advisors to the management team were CMS in Sheffield, led by Ben Hendry.
Hawsons Corporate Finance Partner, Pete Wilmer commented on the MBO: “Mark and Adrian are genuine industry experts and CTW has proven itself to be a remarkably consistent performer throughout the economic cycle. Having taken a leading role in running the business throughout Ken’s recent tenure as Master Cutler I have every faith in their future success, it’s been a pleasure to work with everyone involved.”
Paul McCarron commented “CTW is a fantastic business and the bank was delighted to support the long serving MBO team as they take the business forward to its next generation. This was a great team effort by all parties and advisers with superb collaboration from all involved to get this transaction completed”
Keebles (led by Matt Ainsworth) provided legal advice to the vendors whilst Lupton Fawcett (led by Sheffield corporate partner Neil Large) advised NatWest.