XYZ Machine Tools Ltd has returned to local ownership following a management buy-out from its US-based parent company, Southwestern Industries Inc. The deal was led by managing director, Nigel Atherton and supported with funding from Lloyds bank and the original owner of South Western Industries Inc, Rich Leonhard.
With reported annual sales in excess of £30m, Devon based XYZ is a leading and well-established supplier of machine tools to the UK and Europe.
Isca Ventures acted as the lead corporate finance adviser on the transaction. Guy Eggleton, Partner at Isca Ventures said: “XYZ is a great business and we are delighted to have had the opportunity to help steer this buy-out to a successful conclusion”. Legal support was provided by Stephens Scown (management team), Foot Anstey (bank) and Kessel, Young & Logan (vendor).