Midlands Deals Storm Rannard

A Northampton-headquartered guitar amplifier maker, whose products are used by members of Journey and Manic Street Preachers, has changed hands in a secondary management buyout which provided an exit for investment business Foresight Group.

Blackstar Amplification was founded by four friends in 2004. Its first products hit the market in 2007.

Foresight backed the business with a £3.5m cash injection in 2012, which supported growth capital and partially restructured its shareholder base.

The secondary management buyout, led by the company's four founders, was backed by Shawbrook Bank.

Ian Robinson, co-founder and managing director of Blackstar, said: "This marks an exciting new chapter in Blackstar’s history, which will allow us to retain our independence and gives us the opportunity to take our business to the next level.

"We are looking forward to forging a strong relationship with Shawbrook, who have shown a real interest in our business and future growth strategy, and many years of working with our distributors, dealers and, most of all, our customers."

RSM and Freeths advised on the deal.