HASLERS CORPORATE FINANCE has advised on a deal to secure the management buy-out of engineering firm Trochilics.
HCF - part of the eponymous Loughton-based chartered accountancy practice - advised the management of Trochilics and Coborn Engineering Company in the acquisition of a majority stake of its subsidiary, Trochilics and Coborn through a bespoke acquisition vehicle, Kilofrequency.
Based in Romford, the Coborn Engineering Group supplies and exports machines for the global diamond tooling industry. It specialises in custom built, high-precision equipment to the polycrystalline diamond, natural diamond and gemstone industries, with over 80% of machines destined for overseas markets.
The combined Coborn Group has approximately 75 employees and an annual turnover of over £10m.
Michael Watts, partner at Haslers and head of HCF said: "This was a difficult transaction to negotiate to ensure both the management teams objectives were met, whilst ensuring that the Vendors expectations and objectives were managed and achieved. At times it seemed like an impossible transaction to achieve due to the diverse range of views, but I am glad it succeeded as it ensures the succession of this long standing family business, whilst retaining a family interest."
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