A Scottish specialist oven manufacturer has been bought by a management buy-in team after they secured the backing of an engineering group.

A Scottish specialist oven manufacturer has been bought by a management buy-in team after they secured the backing of an engineering group.

Double D Food Engineering is now under the control of new managing director Bob Petrie, formerly of manufacturer NCR, who was supported by incoming finance director John Craig of chartered accountant DC Consulting.

The financial terms of the deal, which was originated and project managed by DC Consulting, have not been disclosed, but funding was provided by Bonspiel Group.

Petrie told reporters: “The former owners have done a great job establishing Double D in the UK’s bakery market, and from there diversifying into the broader meat and food cooking markets around the world. My focus will be to grow the business through increasing international sales and improving and expanding its product range.”

He added that the duo bought the company after they saw its development potential. “You can’t doubt the engineering excellence that goes into Double D’s products. The bespoke designs and technology we use provides our customers with a competitive advantage. Repeat orders are testament to this. Add to this the obvious potential for increasing capacity in the Edinburgh factory through Lean Mfg techniques, then you can see why we are very optimistic about the potential for this business”

The existing management team will wind down their involvement in the upcoming months then leave the company.

Bonspiel’s investment was supported by debt arranged by Alan Hamilton, a director of Clydesdale Bank’s Specialist & Acquisition Finance team.

Hamilton said the bank was approached to back the deal by DC Consulting. “We were delighted to support the acquisition by an experienced management team in a sector with excellent growth potential.”

The buy-in team was advised on the legal aspects of the deal by Lindsays with Clydesdale represented by DLA Piper.

Lindsays was led by Alasdair Cummings, a partner and head of the firm’s corporate and technology group, who was supported by senior associate Peter Sinclair.

Bonspiel appointed a team at Solving International to manage a commercial due diligence review of the target company, while Tenon handled the financial report.

Double D’s equipment range includes travelling ovens and retarder provers. Its export sales account for more than 25 per cent of its annual sales. The company employs 70 people at its 40,000 sq ft factory in Broxburn, near the Scottish capital.

Bonspiel, which operates from a 10,000 sq ft site near Dundee, specialises in manufacturing precision components.