Based at Northminster Business Park, Abracs was established in 2003 when it demerged from York power tools supplier Elcocks Limited.
It is one of the UK’s leading suppliers of premium-quality branded abrasives and accessories, including Phoenix and Proflex-branded abrasive and cutting products.
The existing management team will continue to run the formerly family-run business and the jobs of the 18 staff will not be affected by the sale.
York accountants Garbutt & Elliott acted as lead advisors for Abracs in the multi-million pound deal, while James Towler of York law firm Langleys provided legal advice.
Graham Garbett, senior manager within Garbutt & Elliott’s corporate finance team, explained that the sale was precipitated by the retirement of Abracs managing director David Elcock.
“As a result of David’s impending retirement, we were appointed to find a buyer and to provide financial advice at all stages of the sale process.
“It gave me great pleasure that David Elcock and his fellow shareholders were able to achieve their twin goal of selling the business at a price which reflected the high quality of its customers, suppliers and staff, and to sell it to a forward- thinking Yorkshire based acquisition team. I am proud to have been associated with this deal,” said Mr Garbett.
The buyer was a new company established as an investment vehicle for a group of high net-worth individuals in Yorkshire who have previously successfully acquired other similar businesses in the region. Bank finance was provided by Yorkshire Bank.