A County Durham engineering company has created a new group and made its first acquisition on the back of a £1.6m funding deal.
Stanley-based Dyer has established SST Group, a new engineering group owned and led by its directors. The investment has come from NPIF II – Maven Equity Finance, which is part of the Northern Powerhouse Investment Fund II and the Finance Durham Fund, established by Durham County Council and overseen by Business Durham. Both of the funds are managed by Maven Capital Partners.
The group has struck its first acquisition deal, snapping up Washington-based Q-Laser and its 30-strong team, which will join Dyer as part of the SST Group. The investment from NPIF II – Maven Equity Finance will be used to support future growth of both Dyer, which has a current turnover of £17m, and Q-Laser, which has sales of £3.3m.
Richard Bradley will be chief executive of SST Group, while Adam Leggett, managing director of Dyer, will become chief operating officer of SST Group.
Mr Bradley said: “The group has been created out of the success and momentum of our business, with a vision to bring together regional engineering companies that offer complementary services and share a common commitment to innovation, technology and sustainability. Creating SST Group gives us access to greater stability, shared resources and broader opportunities for collaboration and growth.
"It strengthens our platform for long term investment and helps secure a more sustainable future for the business and our people. Smarter Stronger Together are the guiding principles that define how we operate and interact with the world and, as such, was the perfect choice for the name of our new group. Serving as our core DNA, they shape our culture, drive our decision making and unite us in our shared purpose.
“I’m also delighted by the immediate acquisition of Q-Laser, which brings over a decade of expertise in laser cutting, press braking, waterjet cutting and fabrication. The company has a formidable reputation across the North East for precision, quality and service. This acquisition represents a significant step in expanding our regional presence and we are delighted to welcome Q-Laser on board.”
Colin Hewitt, managing director of Q-Laser, said: “Leading Q-Laser Ltd has been one of the most rewarding chapters of my professional life. I am incredibly proud of what our team has achieved — from the projects we’ve delivered to the strong relationships we’ve built with our customers and partners. None of it would have been possible without the dedication and passion of the entire Q-Laser team and the trust our customers have placed in us over the past 13 years as an individual company.
“As we join the SST Group family, I feel a deep sense of excitement for what lies ahead. SST shares our commitment to excellence, innovation and customer care. I’m confident this next chapter will unlock even greater opportunities not only for our technology and products, but also for our people.
“While this marks the end of Q-Laser as a standalone company, it’s the beginning of a new journey with even greater potential. I look forward to seeing the legacy we’ve built continue to grow within SST Group.”
Michael Vassallo, investment partner at Maven Capital Partners, said: “Maven first backed Dyer in 2019, providing both capital and strategic expertise to accelerate growth and support long-term value creation. We’re delighted to support the newly created SST Group in its ambitious future plans. With an experienced leadership team, a strong company culture and a clear strategic vision, SST Group is well positioned for growth, and the funding injection will help support high quality jobs and strengthen the manufacturing sector in the region.”
Sarah Newbould, senior investment manager at the British Business Bank, said: “With a strong track record across both businesses, NPIF II is providing SST Group with the firepower needed to continue growing organically over the next few years. Manufacturing and engineering are integral parts of not just the North East’s regional economy, but also of our national economy, so it’s important that NPIF II continues to back these businesses and unlock growth across the Ƶ.”
