HMT, led by partner Andrew Thomson advised sole shareholder Stephen Weiss on the disposal of Elmelin, a London-based manufacturer of industrial electrical and heat insulation products, for £4.2 million.
The acquisition was led by new Managing Director Rudi Raber, who has been instrumental in the growth of the business over the past ten years, and Steve Carle, a former director of Lloyds Development Capital, who becomes Chairman. Stephen retains a minority stake and remains with the business on a consultancy basis, post-transaction.
Elmelin, marking its 100th Anniversary this year, is the market leader in the manufacture of mica laminates, used as part of the lining system of coreless induction furnaces used in the foundry and metalworking industry. Its other key products include mica tubes, which have a broad range of applications including in the construction of hand held plastic welding equipment, and mica/microporous board, used in the lining of ladles and tundishes of steel works and foundries. Elmelin supplies its products principally to Europe, the USA and the Far East, but with a growing presence in developing economies worldwide.
Stephen Weiss commented:
“This is perhaps not the best time to sell a business, but thanks to their skill and hard work, HMT pulled it off.”
Andrew Thomson commented:
“We are delighted to have assisted Stephen in realising significant value for the business which he has successfully grown and diversified over the last 30 years.”