We’re pleased to announce that we’ve recently added two new engineering firms to our ever-growing portfolio – taking our total so far up to 12.
Over the past quarter, we have acquired Automatic Engineers, based in Hinckley, Leicestershire, and Barnsley’s Vesseltec UK. These latest acquisitions bring total turnover of businesses within the TGM group to nearly £25m and the number of employees to almost 200.
Both firms truly complement our existing portfolio; Automatic Engineers is a component manufacturer with more than 50 years of experience in the aerospace, automotive, rail, energy and renewables sectors, while Vesseltec is an engineering firm specialising in designing and manufacturing pressure vessels for the pharmaceutical sector and other industries.
Our co-founder Eric Kolodner said: “These two acquisitions underscore our four-year track record of providing attractive exit solutions to long-term owners of SMEs in the engineering and industrial manufacturing sectors.
“Our flexible approach to acquisitions is reflected in both deals; the seller of Automatic Engineers is looking to transition out of the business quickly, while at Vesseltec, the seller is planning to continue providing services to the company for the foreseeable future.
“Both businesses will continue to operate from their existing premises and all staff will keep their jobs, to ensure a smooth and seamless transition for employees, customers and suppliers.”
Fellow co-founder Jon Frewin added: “In the coming months, we will provide training to develop the skills and careers of relevant staff members, which reflects our focus on continuity, stability and growth of our acquired businesses.
“These acquisitions allow us to expand our scope of manufacturing/engineering capabilities and services across a broader set of sectors and customers, including serving an increasing number of blue-chip corporates.
“As our business units continue to grow, we are increasingly able to recognise synergies across the TGM group, including through customer cross-selling and the introduction of operational best practices.”
The deals were supported by Mark Roberts, of Achieve Corporation, who was the corporate finance adviser to the sellers for the Vesseltec sale, and James Clinghan and Mike Asquith of Trusted Business Partner Ltd, who provided our team with valuable corporate finance assistance to on both transactions.