Baker & Finnemore Announces Successful Completion of MBO
The Directors of Baker & Finnemore Ltd are delighted to announce their successful completion of a management buyout of the company. Following the successful transaction, the Midlands based manufacturer, which is the UK's premier producer of push-on fasteners, is under the new ownership of the management team, Managing Director- Derek Sharp, Sales Director- Paul Yates, Finance Director- Ian Packer and Works Engineering Director- John Clark.
Commenting on the successful transaction, Derek Sharp said:
"BakFin has an excellent reputation in the marketplace, and the completion of the management buy-out process will enable us to drive the business forward through its next stage of growth.
"As far as our customers are concerned it will be business as usual, except for one crucial difference: now they will be dealing directly with the owners of the company."
Based in central Birmingham's Jewellery Quarter since it was established in 1850 as a manufacturer of steel fountain pen nibs, the company now widely known as 'BakFin' has since established a worldwide reputation for the design and manufacture of high quality precision pressings, for inclusion in a huge range of applications across every conceivable industry. The company is most well known as the manufacturer of the Starlock push-on fastener, of which 500 million leave Birmingham each year, destined for use in over 50 countries across every continent.
2006 has heralded a number of important developments for BakFin. Earlier this year the company made significant technology investments, and is currently implementing a fully integrated CRM and logistics platform in order to maintain service levels to the growing number of markets served. This has gained additional significance as the company finalizes a number of major new international distributor deals.
Likewise, CAD CAM systems have also been upgraded, supporting the activities of in-house development engineers who work with clients in the development and prototyping of bespoke pressings and spring clips. Add these to BakFin's in-house toolmaking, heat treatment and quality and testing, and you have a highly cost effective, customer service oriented solution, catering for both high and low production volumes.
Derek continued:
"Following this period of investment, we will look to further develop our existing markets whilst establishing additional strategic partnerships to cultivate our interests in new geographical markets. We now look forward to an exciting future, and relish the challenges yet to come."
