Automotive engineering

MBO in an automotive engineering company | Central and Eastern offers

lr: Michael Sheridan, George Lendrum, Eamonn Byrne, Oz Timms, Diana Thomas, Oliver Sutton, Geoff Hazlewood, Lake Falconer and Samuel Reynolds

Titan, a St Neots-based engineering company which started life as a motor racing team and now employs 80 people, has completed a management buyout (MBO). The deal was backed by a number of prominent advisers.

Oz Timms and Diana Thomas are retiring after 40 years and transferring ownership to a new team of shareholders consisting of George Lendrum (CEO), Eamonn Byrne (CFO) and Michael Sheridan (COO). The new shareholders have been part of Titan’s management team for several years.

Titan has expanded into consumer automotive engineering over the past decade and is now a component supplier to high performance vehicle manufacturers (OEMs) while developing and supplying complex steering technologies for advanced vehicles.

Managing Director George Lendrum said, “The change in ownership at Titan is an important milestone for the business. Oz and Di deserve a lot of respect for the way the company has grown, and we’ll continue on the same path we’ve been on for the past few years. .

“There are many exciting and innovative projects underway in the automotive industry today, and Titan has worked diligently to be part of the electric revolution as a provider of innovative power and autonomous steering technologies. The company is also diversifying its offering into adjacent scientific markets requiring similar manufacturing services.”

Lendrum thanked advisers who helped achieve “a smooth leadership transition.”

Lake Falconer, Partner at PEM Corporate Financesaid: “Titan is an excellent company at the forefront of electric and autonomous vehicle technology with a strong motor racing heritage. This agreement secures the succession of management and ownership and we have enjoyed working with George, Eamonn and Michael to set up the MBO.”

Shawbrook Bank’s business lending team supported the new owners with a financial package to facilitate the change of ownership and with terms that support Titan’s growth strategy.

Oliver Sutton, Head of Shawbrook’s Corporate Lending Team, said: “It was a fantastic opportunity to support Titan’s management team in this new era of ownership. We worked closely with them to understand the business, their diverse customer base and their ambitious plans for the future. Exciting times are ahead for Titan – a brilliant company with a 45-year history of excellence.”

Heidi Bond from Birketts provided legal advice to the sellers and to Geoff Hazlewood of Legal Ashtons represented the MBO team.