Bank of Scotland Integrated Finance (BoSIF) has backed the £30 million MBO of engineering firm Nylacast’s components division. The buy-out was led by the division’s managing director, Mussa Mahomed.

Bank of Scotland Integrated Finance (BoSIF) has backed the £30 million MBO of engineering firm Nylacast’s components division. The buy-out was led by the division’s managing director, Mussa Mahomed.

Mahomed and his fellow directors now hold a majority stake in the business, which retains the Nylacast brand.

The takeover team will buy new machinery and relocate the division’s manufacturing operations to Thurmaston in Leicester. Mahomed says he is confident the transaction will give the company the ‘opportunity to drive the business forward over the years to come’.

BoSIF, part of Bank of Scotland Corporate, was led by Richard Blount, Jamie Stuart and Steve Willis. It owns a minority share in the company.

The Leicester-based division, which was founded as an autonomous unit, specialises in engineering plastic parts for the automotive and manufacturing industries. It supplies clients including Delphi, JCB, Caterpillar and GSK.

KPMG advised the management team and performed commercial due diligence.

Strategic Resource performed management due diligence. Freeth Cartwright was legal adviser to the vendor, while Eversheds acted for Bank of Scotland.