News: MBO at long established family firm in Rotherham
Peter Lilleker, managing director of Rotherham-based Lilleson Engineering Services Ltd, together with his wife and business partner, Carol Lilleker, have sold the company to long-serving employee Tony Wade and his partner, Julie Mitchell.
Based on the Barbot Hall Industrial Estate, the family run business was established in 1984 by Peter's father, Ernest Lilleker, as a manufacturer of electrical control panels and systems.
The company has supplied control panels and systems all over the world, from hydroelectric plants in India to the roof of the centre court at Wimbledon, through its many clients including Fairfield Control Systems Ltd, SCX Special Projects, BOC, British Steel, Bae Systems and Kvaerner.
Tony Wade, who has been with the company from the start, has bought the entire issued share capital together with Julie Mitchell for an undisclosed sum.
To ensure a smooth handover, Peter and Carol will remain in a consultancy role with the company for up to 12 months before retiring.
Neil Large, corporate partner in the Sheffield office of Lupton Fawcett LLP provided legal advice and assistance to Peter and Carol Lilleker on the deal.
Alex Ross at Sheffield-based Bell Buxton Solicitors advised the Management Buy Out (MBO) team. Paul Dawson and Martin McDonagh, partners at Sheffield accountants Hart Shaw LLP provided tax and accounting advice to both parties.
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Peter Lilleker (pictured, third right), said: "It is difficult to believe that we started the business 34 years ago. Although my father is no longer with us I am sure he would have been proud of the success we have achieved over those years. Since Carol joined me in 1994, we have gone from strength to strength.
"Having started something from scratch it can be quite difficult handing over the reins to someone else. However in selling the company to Tony I know it is in very safe hands. He has been with us since the business started and it wouldn't be where it is today without his expertise and dedication over the years. I am confident the company will continue to go from strength under his and Julie's direction."
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Tony is certainly looking forward to the new challenge. He added: "This is a great company, hence why I have remained here for so long. It is a new chapter in our lives and presents Julie and me with a great opportunity.
"Julie and myself are looking forward to working closely with Peter and Carol over the next 12 months as we learn about different aspects of running the company."
Neil Large of Lupton Fawcett (pictured, right), said: "It is not often you get an MBO when both side have people have worked together for so long. If there was ever a case for an MBO exit (rather than trade sale) then this was it. It is great that Peter and Carol can transfer the ownership of Lilleson Engineering Services Ltd to people they trust implicitly to continue to grow the business.
"It was an absolute pleasure to act for Peter and Carol on their exit and I am sure the business will go from strength to strength under the new ownership of Tony and Julie where it is in safe hands."
Lilleson Engineering website
Images: Lupton Fawcett
Based on the Barbot Hall Industrial Estate, the family run business was established in 1984 by Peter's father, Ernest Lilleker, as a manufacturer of electrical control panels and systems.
The company has supplied control panels and systems all over the world, from hydroelectric plants in India to the roof of the centre court at Wimbledon, through its many clients including Fairfield Control Systems Ltd, SCX Special Projects, BOC, British Steel, Bae Systems and Kvaerner.
Tony Wade, who has been with the company from the start, has bought the entire issued share capital together with Julie Mitchell for an undisclosed sum.
To ensure a smooth handover, Peter and Carol will remain in a consultancy role with the company for up to 12 months before retiring.
Neil Large, corporate partner in the Sheffield office of Lupton Fawcett LLP provided legal advice and assistance to Peter and Carol Lilleker on the deal.
Alex Ross at Sheffield-based Bell Buxton Solicitors advised the Management Buy Out (MBO) team. Paul Dawson and Martin McDonagh, partners at Sheffield accountants Hart Shaw LLP provided tax and accounting advice to both parties.
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"Having started something from scratch it can be quite difficult handing over the reins to someone else. However in selling the company to Tony I know it is in very safe hands. He has been with us since the business started and it wouldn't be where it is today without his expertise and dedication over the years. I am confident the company will continue to go from strength under his and Julie's direction."
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Tony is certainly looking forward to the new challenge. He added: "This is a great company, hence why I have remained here for so long. It is a new chapter in our lives and presents Julie and me with a great opportunity.
"Julie and myself are looking forward to working closely with Peter and Carol over the next 12 months as we learn about different aspects of running the company."
Neil Large of Lupton Fawcett (pictured, right), said: "It is not often you get an MBO when both side have people have worked together for so long. If there was ever a case for an MBO exit (rather than trade sale) then this was it. It is great that Peter and Carol can transfer the ownership of Lilleson Engineering Services Ltd to people they trust implicitly to continue to grow the business.
"It was an absolute pleasure to act for Peter and Carol on their exit and I am sure the business will go from strength to strength under the new ownership of Tony and Julie where it is in safe hands."
Lilleson Engineering website
Images: Lupton Fawcett
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