Investment group snaps up engineering firm
Wright Industries, the Burton-based technology investment group, has bought Willenhall-based precision engineering company, Accura, for an undisclosed sum.
The deal sees the chief executive of Wright Industries, Craig Wright, buy back and return to the organisation 20 years after he held the position of group chief executive at Accura. He left the company in 2001.
Founded in 1979, Accura provides mechanical components, tooling and sub-assemblies for industries including oil and gas exploration, aerospace, chemicals processing plant, automotive, healthcare, industrial and communications.
Operating across three manufacturing sites in the West Midlands it has a turnover of £9m and around 95 employees who will continue to work alongside Accura’s managing director, Mike Richards.
Since starting Wright Industries using his own cash in 2011, Wright’s has created a group of companies with sales of £35m and £5m EBITDA.
He said: “Accura is a well-respected brand name in the region, dedicated to engineering and manufacturing products that meet the needs of some of the world’s most demanding industries. As such, it is now the lead investment for our precision technologies strategy alongside our electronics technologies investments, which have been marketed under the ‘Connexion’ brand to date.
“Our operational management model is geared towards adding value to businesses whose customers are seeking technically demanding engineering solutions for their world class, high reliability products alongside skilled and dependable manufacturing capability. Our focus is to be their first choice when outsourcing, thereby we invest in innovation, process technology and people across an ever-increasing design, component sourcing and manufacturing process capability, seeking to ensure the lowest total cost of our rapidly growing customer bases’ product build.
“Naturally, Accura fits perfectly within Wright Industries’ portfolio and our team is delighted to be working in partnership with Mike Richards and the highly experienced management based in the Midlands to deliver continuous improvements for the benefit of all stakeholders.
The legal team at Gateley Plc advised Wright Industries on the acquisition, with HSBC providing finance. Other consultants advising the vendors on the deal included Grant Thornton and Addleshaws.
