A Harrogate company is looking forward to continued growth after being bought out by its management team for an undisclosed sum.
Process Combustion, which employs around 35 people at its Hornbeam Park headquarters, was bought from international group Roberts Gordon by a team led by managing director Dan Beishon.
Mr Beishon said: “This management buy-out is something we have been working towards for some time so it is terrific to have successfully concluded the deal.
“It is a great way to mark the 30th anniversary of Process Combustion and we feel the company has a really bright future ahead of it under the new ownership.”
Process Combustion designs and manufactures combustion and heat-transfer technology. Its key markets include the oil and gas, petrochemical and nuclear industries, among others.
Mr Beishon added: “This is a really positive development, as we can now make more local decisions that are in the best interests of this business.”
The management buyout team was advised by lawyers from Ward Hadaway and the corporate finance and tax team at Brown Butler accountants.