Dartington Crystal in Torrington has been bought-out by its management team.
The acquisition of the crystal and glass business, founded in 1967, will ensure the ownership remains in local hands.
Dartington is the only large scale producer of hand-made crystal in the UK.
Neil Hughes will remain managing director, Richard Halliday as commercial director, Alan Ramsay as finance director and John Hammond, the current owner, will retain a minority shareholding.
Neil said: “We are keen to build on the solid foundation that’s been laid and are very excited about the future plans for the business, both in the UK and internationally.
“It is very much business as usual for Dartington and we will continue focusing on providing quality products for our customers.”
John added: “We look forward to the next chapter of the company’s development, with the right team in place to deliver the company’s long term aspirations.”
Isca Ventures acted as the lead corporate finance advisors on the transaction, with funding provided by Barclays Bank and legal support from Probert Legal.
The vendor was advised by Philip Marsden and Foot Anstey.
Mark Champion, partner at Isca Ventures LLP, said: “Dartington is a well-established and leading name in the industry and following this transaction the business is well placed to continue its recent growth and capitalise on opportunities in the wider marketplace.”