Family-run building materials manufacturer Naylor Industries has been sold to its management.
South Yorkshire Investment Fund (SYIF) through its fund manager YFM Equity Partners has realised its investment in Naylor Industries plc by selling its holding back to the management team.
As part of the deal, HSBC is providing Naylor with new finance facilities. The £14m finance package, which includes invoice and equipment finance, has been structured to support Naylor’s international growth plans, with the company looking to expand its export proposition.
Former Sheffield Forgemasters chairman and chief executive David Fletcher is non-executive chairman of Naylor Industries.
Naylor was founded in 1890 and present chief executive Edward Naylor is the fourth generation of the family to head up the business.
The company employs 230 staff across manufacturing sites in South and West Yorkshire, the West Midlands and Fife. In the year to February 2012 turnover was £36.6m with operating profits of £2.4m.
Naylor said: “YFM Equity Partners have been very supportive investors for our business. They understand the challenges that manufacturing businesses face and by following up initial investment with additional financial support, they have allowed us to maintain a continuous programme of investment in business operations and development of new products.
“Going forward, we see fantastic prospects for our products in overseas markets and will be seeking to maintain the recent dramatic growth in export sales. We have a great history of making quality British products and the team looks forward to continuing the development and growth of our business.”