Management team acquires Lattimer

Precision glass engineering firm Lattimer has undergone a £4 million management buy-out backed by Merseyside Special Investment Fund (MSIF).

The private equity fund bought the entire stake of both UK and US divisions of Lattimer from Hampson Industries plc as part of the deal to fund the existing management team.

The takeover was led by Lattimers’ director Stephen Waterhouse, whose firm posted a loss of more than £300,000 after tax in the 12 months running up to March last year on a £5.56 million turnover. PKF Liverpool advised on the deal.

Although no one from Lattimer was available for comment, PKF’s Jason Hiley said: “Being in control of their own destiny means that the directors can now pursue plans to further expand the company’s market share.

“They are already in advance discussions in the UK and US, where the market for their products is undergoing a major shake-up.”

MSIF has funds totalling £107 million and provides loans and equity packages from £3,000 to £4 million to businesses based in or relocating to Merseyside.