Specialist engineering company Carnell Support Services Ltd has been bought out in a deal worth £38 million.
The Penkridge-based firm - which has regional offices in Leyland and Wakefield as well as depots in the North West, North East, South East and the Midlands - has been sold to Leeds-based engineering firm Renew.
The deal is part of Renew's acquisitions growth strategy and its ambitions to establish itself in new markets.
Bosses at the Renew say Carnell - which provides specialist engineering services to the strategic highway network and Highways England - is an 'excellent' fit for its proven strategy.
Paul Scott, CEO of Renew, said: "At our capital markets day last year we highlighted our ambitions to establish a position in new markets including the strategic highways sector.
"This acquisition represents the realisation of this strategy and we are very pleased to welcome the management and staff of Carnell to the Renew group.
"This is a complementary and earnings enhancing acquisition that aligns with our established and proven strategy, strengthening our position in the 海角视频 infrastructure market.
"Carnell has grown to become a leading and well respected brand in the highways sector and we very much look forward to supporting its ambition for continued growth including opportunities via collaboration across our new range of infrastructure services."
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Aidan Clarke, managing director of Carnell, will remain in post under Renew's ownership.
He said: "Carnell is delighted to join Renew and we look forward to continued success as part of a larger group.
"The transaction will provide opportunities to leverage added value for clients and wider business benefits from synergies with the existing successful brands within the group.
"It was important to attract an owner with relevant expertise to support our growth ambitions without compromise to service delivery or staff loyalty, and the Renew business model fits perfectly with these aspirations."
It is forecast that the acquisition of Carnell will see Renew's 2020 sales reach £664 million and a pre-tax profit of £41.8 million - up from £637 million and £39.5 million respectively.