Managing director Doug Shopland and his co-directors have bought wide bandsaw specialist Stenner Ltd for an undisclosed sum.
The Tiverton-based business previously belonged to “long-term owners in partnership with a holding company representing a group of business investors”.
Mr Shopland has held a minority stake in the company since 1993, since which time it had “built on its existing worldwide reputation as a manufacturer of wide bandsaws with significant growth in the UK and overseas markets”.
The other two co-directors involved in the management buy-in are Syd Mather and Fred Harding.
While not revealing how much was paid for the business, they said that its recent financial success allowed the holding company to “achieve a good return on its investment”.
Mr Shopland said that the buy-in was the logical next step in the development of Stenner.
“During the last decade we have remained focused on our core expertise in wide bandsaw technology and developed a full range of solutions, from turnkey to stand-alone machines for high-speed, high-yield precision cutting of softwoods and hardwoods for customers throughout the world.
“With the management owning the company we have still greater incentive to push ahead with developments.”
