Materials handling firm sold in cross-border deal
Spalding materials handling firm Guttridge has been sold in a cross-border deal to the Mitchells Group.
Mitchells is one of the world’s largest bulk material handling manufacturers, supplying specialist conveying solutions and handling equipment to agri-food companies worldwide.
Established in 1962 and employing 100 people, Guttridge will retain its name and continue to trade as part of the Mitchells Group.
Mitchells Group chief executive, Mic Mittasch, said: “The acquisition of Guttridge is a significant milestone in the continued growth of Mitchells and our forever expanding bulk handling capacities. The synergy of both companies, more than anything, made the acquisition most attractive. With our current and future customers in mind, we see the deal as a giant step to support even more customers in expanding territories and cater to more industries – specifically biomass, waste, recycling, chemicals and minerals.
Peter Guttridge, chairman at Guttridge said: “We are delighted with the acquisition and joining Mitchells Group marks a culmination of 50 years of hard-work and continued high-quality design and build of bespoke handling solutions. The deal will allow us to support both new and existing customers with a greater range and scope of products and materials, ensuring we provide the highest quality to meet their needs.
“The future looks incredibly bright and we’re looking forward to a prosperous and successful relationship with Mitchells.”
Bishopsgate Corporate Finance advised Guttridge.
Ed Wesson of Bishopsgate Corporate Finance said: “It’s extremely pleasing to have found such a fantastic partner for the business in Mitchells. I wish both businesses all the best in the future and look forward to tracking the continued growth of the combined group.”
Guttridge was also advised by Buckles Solicitors.