Owben Ltd, a leading engineering firm based in Sunderland, has successfully completed a management buy-out, marking a significant milestone in its growth journey.
The company, which supports businesses to improve their operations through infrastructure and production line upgrades, counts global giants such as Nissan, AESC, Amazon, Zentia and Siemens among its clients, will now be steered by a team of four senior managers.
The new leadership team, comprising Andrew Corsar, Andrew Halpin, Anthony Holmes and Anthony Joice, is set to drive the firm’s next phase of growth, with Founders Richard Walsh and Lee Finney, who established the company in 2011, continuing to hold senior positions.
Andrew Corsar, Managing Director, commented, “Owben is a family-founded business, and we’re immensely proud of what’s been achieved since 2011. Our immediate focus is on sustaining the ethos Lee and Richard have created, which has been instrumental in our success. At the same time, we are eager to explore new growth opportunities that will increase our market presence and enhance our service offerings.”
In 2023, Owben’s collaboration with Sunderland City Council led to a significant investment of over £1 million into a new 22,000-square-foot facility in Sunderland, as well as winning SME Business of the Year in the Sunderland Echo Business Excellence Awards.
The management team was advised throughout the buy-out process by Newcastle-based law firm, Sintons, including partner and head of Sinton’s corporate team, Adrian Dye, and solicitor, Daniel Earle.
Adrian Dye said: “Owben is a long-standing client and we’ve seen how the business has grown and developed over the years. This buy-out is the start of a new chapter for the Owben team but one which will continue on the successful path put in place by its founders.”
The buy-out was facilitated by funding from Barclays Bank UK. Accountancy firm RMT supported with corporate finance and acted as tax advisors on the deal, while Owben’s exiting owners were advised by JLF Law.
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