DavyMarkham was sold to interim managing director Kevin Parkin and interim financial director Duncan Hay.
The buy-out, the financial details of which are undisclosed, was financed by private equity fund Endless LLP with Bank of Scotland providing debt. Both Parkin and Hay have taken full-time roles at DavyMarkham, which has also worked on the control tower of Heathrow Airport’s fifth terminal.
DavyMarkham has been restructured in the past 18 months and under the terms of the funding, Endless will make further investments to develop the business.
Endless’ investment was managed by director Christopher Clegg, who said the firm backed the deal due to the expertise of the buy-out team and in order to capitalise on the growing demand for heavy engineering products.
DavyMarkham has designed and made heavy engineering components and assemblies since the 1830s. The company has 170 employees and annual revenues of £14 million.
Also see: Fast forward with interim managers