An established Pendle business has been bought out by its management team for an undisclosed sum.
Tharstern Limited, which is based in Vivary Way, Colne, was purchased by managing director Keith McMurtrie, technical director Antony Lord and sales director Lee Ward from the family of the software house’s founder.
The trio, who are supported by a combined debt and equity package from Mobeus Equity Partners, have acquired a significant ownership stake in the business and will retain direct day-to-day running of the business in their current roles.
Tharstern Ltd has a £4million turnover and employs 46 people, of whom 30 work from the headquarters at Colne, with the rest field-based. Tharstern will remain in its 10,000 sq. ft recently refurbished premises.
Mr McMurtrie said: “This is fantastic news for Tharstern, our loyal staff and customers, many of whom have been with the company for many years and who are vital to our continued success going forwards.
“The deal will provide security and continuity, and ensures that Tharstern retains its brand and identity as a recognised world leader within the printing and allied industries.
“This move retains our independence and gives us even greater confidence for the future. It also gives us an even stronger platform for rapid growth in what we know is an expanding market. Mobeus has proved itself to be a supportive investment partner and we will be working together to invest in Tharstern and continue the development of our market-leading product suite.”
Tharstern Ltd, which has strong ties to all the major printing vendors, has been providing workflow and Management Information Systems to the global commercial printing and graphic arts industry for 30 years.