A private equity group that specialises in engineering and manufacturing has bought two East Midlands businesses.
The Kingmaker Group has bought Derbyshire-based Rowes Precision Products and Leicester-based Plating Technologies Ltd.
It was backed by £1.4 million of funding from Cynergy Business Finance (CBF).
Rowes is a turned parts manufacturer which is based in Ilkeston while PTL provides high quality surface coatings for its industrial clients.
A spokesman for the Kingmaker Group said they join its roster of “ambitious engineering and manufacturing businesses”.
The £1.4 million invoice discounting facility from CBF will help to provide a cash flow boost to both businesses, enabling them to continue with their growth plans, provide a wider variety of services and expand into new territories.
Kingmaker Group director Nigel Cowdery said: “CBF have been fantastic to work with.
“We could speak directly with decision-makers, and they understood our need to be flexible.
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“They were also able to take both our needs and the needs of the customers into account, which was really important for us. It was clear that we were working together with CBF to complete the acquisition.”
Dave Golding, managing director at CBF, said: “We are very pleased to support the growth of The Kingmaker Group with a working capital facility for Rowes and PTL.
“This acquisitive group has an excellent pedigree, and we are looking forward to supporting them with their future plans.”