The deal sees General Manager Phil Honnor acquire the business from its founder and Managing Director John Cain for an undisclosed sum. John has retired from the business following the MBO.
Established in 1992, the business provides power coating services to metal fabrication companies throughout the country. Powder coating is a process used to apply decorative and protective finishes to a wide range of metal products including roadside cabinets and telecommunications equipment.
Phil joined Hi-Tech Coatings 12 months ago after spending several years working on various engineering projects in Canada. Hi-Tech Coatings employs 20 staff at its Rainford base and has a turnover of £1.2m
Commenting on the deal Phil said; "Having been involved in the business for the last 12 months I am delighted to become the new owner of Hi-Tech Coatings. The business has traded successfully for almost 20 years due to the quality of service it provides. My main objective is to continue building a long term relationship with our customers by providing them with a bespoke service that matches their needs."
Julie Thistlewaite and Daniel Andreson from NatWest provided the funding. Julie, a Senior Relationship Manager, said; "Phil has a proven track record in business and will bring a new sense of perspective. He impressed us with his future plans for Hi-Tech Coatings and under his direct guidance we look forward to watching the company's progress."