Titan, an engineering company that started life as a racing team, has completed a management buyout (MBO). The company, based in St Neots, UK, has moved further into mainstream automotive engineering over the last decade and is now a supplier of components to high performance vehicle manufacturers, while also developing and supplying complex steering technologies for advanced vehicles.
Oz Timms and Diana Thomas are retiring after 40 years and transferring ownership to a new shareholder team comprising George Lendrum (CEO), Eamonn Byrne (CFO) and Michael Sheridan (COO), who have been part of the Titan leadership team for several years.
Lendrum commented, “The change of ownership at Titan is a significant milestone for the business. Oz and Di deserve much respect for the way the company has developed, and we will continue along the same path which we have overseen in recent years. At present, there are many exciting and innovative projects going on in the automotive sector, and Titan has worked diligently to be part of the electric revolution as a supplier of innovative power-assisted and autonomous steering technologies. The company is also diversifying its offer into adjacent scientific markets requiring similar manufacturing services.
“As a result of prior planning and first-class support from our professional advisers, the MBO will deliver a seamless leadership transition. We will continue to provide excellent customer service and exceptional manufacturing to exacting quality standards while also remaining commercially competitive. We will ensure that our staff are given opportunities to develop their careers owing to the new market opportunities and the advanced machinery utilized at Titan. Our sales pipeline is strong and therefore Titan can be confident of a dynamic and exciting future.”
The Corporate Lending team at Shawbrook Bank has supported the new owners with a finance package to facilitate the change of ownership and with terms that support Titan’s growth strategy. Oliver Sutton, director at Shawbrook’s Corporate Lending team, said, “It was a fantastic opportunity to support the Titan management team in this new era of ownership. We worked closely with them to understand the business, their diverse customer base and ambitious plans for future growth. Exciting times lie ahead for Titan – a brilliant business with a 45-year history of excellence.”
