Award-winning Somerset-based Automation and Packaging Machinery Specialists CME Limited announce today that the senior management team, led by CEO Paul Knight; have completed on a debt funded MBO of the company from the Mear family who have owned the business since its incorporation 37 years ago by founder Colin Mear.
The sale of this long established family business to the senior management team reflects the trust placed by the family in the new owner’s ability to continue to build upon a heritage of delivering innovative automation solutions to a global customer base. In recent years the business has grown at an average of 20% per year and has been successful in securing prestigious contracts within new target market sectors including Pharmaceutical, Food & Beverage and Legal Cannabis whilst maintaining its historically established success within the Tobacco sector.
In addition to CEO Paul Knight, the senior management team includes: Mark Littlewood – Operations Director, Paul Simmons – Engineering Director, David Weatherill – Sales Director and Scott Cullen – Financial Director.
Managing Director of CME Limited for the last five and a half years, Paul Knight commented: “This is a very exciting time for the business and we look forward to continuing our growth, improvement and product development strategies with renewed vigour. I would like to take this opportunity to thank Richard Hopkins and the legal team at Roxburgh Milkins, Colin Jones at our primary funder SME Capital Limited and Julian Stevens of Blaise Commercial Finance for facilitating our mortgage through Allica Bank. The team and I appreciate the expert advice and support offered by all parties during this transaction”
CME Limited currently employs 120 people and is active across a number of sectors including: Tobacco, Legal Cannabis, Pharmaceutical, Medical & Life-Sciences and Food Beverage & Confectionery. The company supports a wide range of customers in more than 130 countries ranging from multi-nationals to independent family owned businesses.