Mechan, a specialist lifting equipment supplier, has been bought by its management for undisclosed terms.

The management team was led by the company’s business development director, Richard Carr, who has become managing director.

He is an equal shareholder with three colleagues; financial director Zahir Altaf, sales director Graham Cofield and technical director Christian Fletcher.

Funding for the MBO was provided by South Yorkshire Investment Fund, alongside personal investment from members of the buyout team and ongoing banking arrangements with NatWest.

Mechan has been designing, fabricating and installing cranes and other heavy lifting gear for UK industrial customers since 1969 and is a major supplier to the railway industry worldwide.