Historic 250-year-old Sheffield tool company Spear & Jackson has changed hands in a £15m management buy-out.
A team, headed by Hong Kong-based Simon Hsu, bought the business - and contract manufacturing company Pantene Industrial - from United Pacific Industries.
The Spear & Jackson Group employs 460 people globally and is headquartered at Atlas Way in Attercliffe, Sheffield.
About 200 employees are based in the city, 165 at Atlas Way which houses the corporate head office, the hand and garden tools UK and export distribution business and the Magnetic Technologies division.
The tools business sources most of its products from the Far East with the flagship Eclipse-branded hacksaw blades being manufactured by a subsidiary company in China.
Robert Sorby, the wood turning tools division, designs and manufactures at premises in Woodseats, where around 35 people are employed.
Other brands include Moore and Wright, WHS and Tyzack.
With divisions across England, France, Australia, New Zealand and Canada, Spear & Jackson distributes products throughout the world.
Funding for the deal came from HSBC.
Neil Abbott, HSBC senior corporate banking manager, added: “Spear & Jackson is a name synonymous with Sheffield, so it is only fitting that the deal was principally advised by the South Yorkshire professional services community.
“HSBC has delivered a complex funding structure that encompasses the company’s global presence to enable the management team to complete this acquisition.
“As an international bank, we were ideally placed to work on this deal and we are pleased that it has successfully completed.”