A management team from Nantwich-based chemical distribution firm Multisol have announced that they have completed a buy-out of the £78.5m-turnover business for an undisclosed sum.

The company, which last year made a profit of £6m, was sold by the Banner and Thomas families to a management team led by its chief executive, Paul Oliphant.

Oliphant said that the business, which also has a sales office based in Irlam, would continue its growth by tapping into more overseas markets.

“Over the last ten years our company has developed very successfully from a small UK-based, family-owned company to an international group operating extensively across Europe, Middle East, and Africa,” he said.

“We plan to continue that growth by extending our business model

The Banner and Thomas families have retained a small stake in the business, but the bulk of the funding came from KBC Business Capital (a division of Belgian bank KBC) and Mitsui Sumitomo Insurance.

“There was no shortage of interest from funders to support this investment,” said James Dow of Dow Schofield Watts LLP, who structured the deal on behalf of the vendors alongside the Manchester offices of DLA and KPMG. The management team was advised by Eversheds, Ernst & Young and Rickitt Mitchell.