epm technology sold in multimillion pound deal

Graham Mulholland, centre

Derby-based epm technology, which makes parts for Formula 1 cars, has been sold to Aero Servives Global in a multimillion pound deal.

Graham Mulholland, the founder of epm, will stay on with the firm, which will look to service the aerospace, defence and automotive industries.

He said: “We have reached a point where epm requires the necessary funds and the executive ability to provide a world class service to our larger OE aerospace and automotive customers.

“This strategic acquisition will enable the business to now break the SME glass ceiling. This will also provide a boost for our on going commitments to staff development, research and development and process innovations which will continue to see epm pioneering and leading our industry and adding value to our customers.”

Amin Amiri, the chief executive of AS.G Group said: “AS.G is building a dynamic engineering group of companies to service and develop opportunities in aerospace, defence and automotive markets.

“The acquisition of epm clearly demonstrates our appetite and ability to move and grow quickly. Part of this is activated by having the vision to support fantastic innovative companies like epm technology group to grow and add value to its customers.”

Amiri is also the co-founder of Manchester-based venture capital group a2e Industries, which owns A.SG. a2e’s portfolio includes businesses with a combined turnover of £140m.

Mulholland added: “epm technology will also continue to grow it bespoke services and proudly maintain all of its Motorsport and F1 activities, the business is best known as a F1 supplier and again having the correct financial resources to support all these activities is critical. This is a great result for epm, all its customers and my team moving forward.”

epm’s legal advisors on the deal were Fraser Cunningham and Mark Wilcock of Smith Partnership and lead accountant was David Nelson of Smith Cooper – all of whom are based in Derby.

epm employs around 140 people at its base on Raynesway in Derby. The most up-to-date accounts for epm – to June 30, 2016 – show the company made a loss of nearly £1.5m and had lost three F1 customers. Turnover was just over £3.9m compared to £6.2m in the prior year.

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