AN engineering firm has kept it in the family as a third generation embarks on a multi-million pound buyout.

Chief executive Oliver Farrell, whose grandfather founded Farrat Isolevel, has acquired a majority stake in the Altrincham-based business from his parents John and Gabriele, his aunt and his brother Andrew.

Richard Farrell established the business in 1959 and John later took over.

Oliver has worked in the company in a senior role for 14 years and has been a major driver in its growth.

Ambitious Farrat, which has 42 staff on its books, had a record year in 2019.

The Balmoral Road outfit is a global specialist in the design and manufacture of vibration control, building acoustics, thermal isolation and precision levelling solutions for a range of construction and industrial sectors.

Oliver Farrell said: “We have been a proudly family-owned business since our foundation over 60 years ago, and that continues to be the case.

“My brother Andrew and I have been leading Farrat jointly for the last five years and we have successfully grown our business in our key areas of vibration control and structural thermal breaks.

“This has only been possible through the strong relationships we have built with our suppliers and customers.

“We have now decided that the time is right to restructure the business, with Andrew stepping down and myself moving into a position of group CEO.

“This will allow me, along with our team, to continue to drive forward our Farrat vision of ‘Engineers on a Mission’ and enable Andrew to focus on developing other interests in property.

Farrat has expanded in recent years with an international focus under a leadership team appointed as part of the company’s succession planning.

As part of the deal, Farrat has acquired AcouStruct, a specialist installer of floating floor and structural isolation systems.

Earlier in the year, Farrat acquired Universal Vibration Solutions, which is a specialist noise and vibration engineering consultancy.

Those businesses along with Farrat have now been brought together in the newly-created EOM Group Holdings.

Ben Bradley, of HURST Corporate Finance, and Adrian Young, a partner in their tax team, advised management on the buyout, which they say has been buoyed by the firm's resilience during the pandemic.

Bernard McIlroy of MSA Law, Simon Wallwork and Janet Robinson of law firm Slater Heelis and Tarifa Simpson of Mazars also advised. And Sam Roden and Darren Martin of HSBC UK Business Banking arranged a multi-million pound funding package for the deal.