New jobs could be created at a Bentham firm which specialises in firefighting products after a management buyout.
The £62m buyout by the management ofAngus Fire was backed by mid-market private equity investor LDC, as it looks to capitalise on growing global demand for its products within the oil and gas sector.
The deal sees LDC take a significant equity stake in the business via the acquisition of four trading divisions of Connecticut-based United Technology Corporation – in the UK, USA and France.
The group, which exports to 100 countries, designs and makes fire hoses, industrial hoses, foam concentrates and engineered firefighting systems used in the oil, gas, aerospace, firefighting, military, port and utilities sectors.
Angus Fire employs more than 250 staff at bases in Station Road, High Bentham and Thame, Oxfordshire.
The cash injection will increase capacity and drive operational improvements to support growth – meaning new jobs could be in the offing.
Angus Fire chief executive, Paul Williams, said: “We look forward to cementing the business’ market-leading position through investment in plant and equipment and operational improvements to increase our manufacturing capacity and serve the market demand more effectively.”