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Technical fastener supplier TFC plc has been acquired by a buy-in management buy-out team for an undisclosed sum. Foresight Venture Partners has invested £1.5 million in the deal, which was also funded by Euro Sales Finance and RBS.

The BIMBO team was led by new managing director Martin Clarke, who led the MBO of Wills Polymers in 1989. He is joined by Brian Goode, Berndt Herhold, Barry Tibble and Eve Davis.

Several members of the outgoing management team have re-invested in TFC. Majority shareholder David Hale is retiring, but will have a non-executive role in the company.

TFC was founded in 1960. It supplies injection-moulded products such as rings, springs, moulded fasteners and spring steel for the aerospace, automotive, hydraulics and petrochemical sectors.

Based in Heathfield, Sussex, the company also runs an office in Boch, Germany. It employs 55 people. TFC made a pre-tax profit of some £273,700 for the year ended March 31, 2006, compared with £603,500 for the previous year.

Vantis Corporate Finance, DMH Stallard and Lindeyer Francis Ferguson acted for the vendors, while Blue Sky Corporate Finance and Lee & Priestley advised the BIMBO team.

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