The family-run business was established in 1984 by Peter’s father, Ernest Lilleker, as a manufacturer of electrical control panels and systems. Since then the company has supplied control panels and systems all over the world, from hydroelectric plants in India to the roof of the centre court at Wimbledon, through its many clients including Fairfield Control Systems Ltd, SCX Special Projects, BOC, British Steel, Bae Systems and Kvaerner.
Tony Wade, who has been with the company from the start, has bought the entire issued share capital together with Julie Mitchell.
To ensure a smooth handover, Peter and Carol will remain in a consultancy role with the company for up to 12 months before retiring.
Neil Large, a corporate partner in the Sheffield office of leading Yorkshire firm Lupton Fawcett LLP provided legal advice and assistance to Peter and Carol Lilleker on the vendor initiated MBO deal.
Alex Ross at Sheffield based Bell Buxton Solicitors advised the MBO team. Paul Dawson and Martin McDonagh, partners at Sheffield accountants Hart Shaw LLP provided tax and accounting advice to both parties.
Commenting on the MBO, Neil Large of Lupton Fawcett, said,
“It is not often you get an MBO when both sides have people who have worked together for so long. If there was ever a case for an MBO exit (rather than trade sale) then this was it. It is great that Peter and Carol can transfer the ownership of Lilleson Engineering Services Ltd to people they trust implicitly to continue to grow the business.”
Speaking about the deal, Peter Lilleker, said,
“It is difficult to believe that we started the business 34 years ago. Although my father is no longer with us I am sure he would have been proud of the success we have achieved over those years. Since Carol joined me in 1994, we have gone from strength to strength.
Having started something from scratch it can be quite difficult handing over the reins to someone else. However, in selling the company to Tony I know it is in very safe hands. He has been with us since the business started and it wouldn’t be where it is today without his expertise and dedication over the years. I am confident the company will continue to go from strength under his and Julie’s direction.”
Tony is certainly looking forward to the new challenge.
“This is a great company, hence why I have remained here for so long. It is a new chapter in our lives and presents Julie and me with a great opportunity,” he said.
“Julie and I are looking forward to working closely with Peter and Carol over the next 12 months as we learn about different aspects of running the company.”