A brace of Black Country oil manufacturers have been acquired in a management buyout. Halesowen-based Midland Oil and Wolverhampton outfit Rods Oils have been bought by Richard Parry and Mark Hayes.
The deal has been supported by a £3.4 million invoice discounting facility and property loan from Cynergy Business Finance.
Midland Oil is a specialist high-performance lubricant manufacturer that produces a range of products covering multiple uses including industrial, metalwork and automotive lubricants.
Rods Oils supplies manufactured oils, specialising in metalworking fluid applications. After working within the businesses for several years, the opportunity arose for Mr Parry and Mr Hayes to acquire the businesses in an MBO from the previous owners and form a new venture called Midland Oil Refinery.
Managing director Mr Parry said: "The newly formed Midland Oil Refinery has plans to grow and give the employees a business to be proud of."
Having provided the capital to support the acquisition, Cynergy Business Finance will continue to work with Midland Oil Refinery as its funding partner to support its long-term growth plans.
Managing director Dave Golding added: "It has been a pleasure to work with Richard and Mark to support the MBO.
"I am delighted that Richard and Mark chose us to support them on this journey and I am looking forward to watching the business flourish further under their leadership."
