Hill Dickinson's corporate team has acted for the management of a multimillion-pound turnover steel tube supplier, Boole's Tools and Pipe Fittings Ltd, on a successful management buyout by the family which founded the company who have bought it back from a listed builders' merchant.

The team working on the deal from Hill Dickinson was led by corporate partner Ian Riggs and associate Katie Somerville, with assistance from banking partner Alasdair Mackinnon and property partner Darren Hamer.

Boole's, based in in Greater Manchester, was founded in 1961 by Ron Boole and his father Cyril. It supplies tubes, valves, fittings and allied pipeline products to a wide variety of merchants.

In 2003, the business was acquired by Grafton Group plc. It has now been taken over by managing director Terry Seville and his wife Tracy, Ron's daughter.

Boole's has continued to trade profitably on reported turnover of more than PS12.5 million.

Seville said: 'Now is the right time for the MBO, and being independent will allow us both to maintain our strong trading relationship with Grafton and generate new opportunities with other national and independent merchants.'