A Leicestershire engineering company has been bought in a deal the new owner said will safeguard jobs.
Automatic Engineers, which is based in Burbage, near Hinckley, has been bought by acquisition specialist TGM Partners.
The engineering business has a history stretching back 50 years making components for businesses in the aerospace, motor sport, automotive and general engineering industries.
TGM Partners specialises in the “acquisition, transition and growth of owner-managed businesses”.
It bought the business from Steve Evans, who started with Automatic Engineers as an apprentice.
TGM co-founder Eric Kolodner said: “We are extremely pleased to add Automatic Engineers into the TGM group, which, along with another recent acquisition, will bring our total annual revenue to almost £25 million.
“The business will continue to operate from its existing premises and all staff will keep their jobs, to ensure a smooth and seamless transition for employees, customers and suppliers.”
TGM also recently acquired Barnsley-based Vesseltec Ƶ, an engineering firm specialising in designing and making pressure vessels for the pharmaceutical sector and other industries.
Fellow TGM co-founder Jon Frewin said: “These two acquisitions will underscore our four-year track record of providing attractive exit solutions to long-term owners of SMEs in the engineering and industrial manufacturing sectors.
“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.
“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.
“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.”
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 valuable corporate finance assistance to TGM on both transactions.
