Will a change in management help to drive growth?
AT Engine Controls (ATEC) Engineering Solutions is a Manchester-based manufacturing and engineering firm which specialises in the aerospace and defence sectors. Recently, the business has gone through an MBO with three of the management team purchasing ATEC for an undisclosed sum. The management buyout was completed without equity funding or external debt. Hence, the business will be well-positioned to explore novel market sectors and grow its current offering with existing and new customers.
The engineering firm designs and manufactures high quality and reliability products for the aerospace, oil and gas, nuclear, marine and defence markets across the world, and currently employees 43 people. ATEC has a history of engineering under different brands and underwent a restructure in 2004 when Andrea Hough and Terry Madden bought the business. Andrea then became a sole shareholder in 2016.
The three individuals involved in this buyout were John Bowden who will step into the Managing Director role, Mark Poole the Operations Director and Steve Atherton the Financial Controller. Andrea Hough, previous Owner and Managing Director, will remain with the business in a Chair capacity and retain a minority stake. Andrea will assist the new team in forming a strategy for growth.
Andrea Hough stated “This exciting announcement will allow ATEC to grasp the huge opportunities in developing industries such as nuclear power. ATEC has been a huge part of my life since joining the company as an apprentice when I left school, but in John and the rest of the management team the company has a fantastic new management team who are well placed to drive it forward.”
Picture – Andrea Hough, soon to be Chair of ATEC Engineering Solutions (© ATEC Engineering Solutions)