New PE fund makes first investments in UK engineering sector
A Manchester-based self-funded private equity fund has made its first investments, in the UK abrasives and engineering sector.
King Street-based Trade Acquisition Partners (TAP) has acquired Northern Abrasives, in Urmston, Greater Manchester, along with West Midlands-based Swift & Whitmore, and Derbyshire-based Phoenix Naylor Abrasives and Jowitt Abrasives.
TAP director, Ian Davidson, announced the acquisition of the “long standing and successful businesses, and said: “We look forward to working with the existing management teams to secure further growth through innovation and investment in both people and technology.”
Janette Tierney, managing director of Swift & Whitmore, said: “We are very much looking forward to working with our new owners on the next phase of our growth, there are many opportunities within the sector for us to support UK-based engineering businesses as well as those further afield, particularly as lead times become longer and shipping costs greater for manufacturers based abroad as a result of Brexit and other external factors.”
The businesses have a deep rooted knowledge in the development, manufacture and distribution of abrasive and grinding solutions for multiple applications across the UK, Europe and the rest of the world.
TAP said it has opened its portfolio with a complementary mix of businesses and will be looking to add value to each of them in due course.
It is now considering other owner-managed businesses seeking to exit or require additional capital to support growth or deliver a turnaround.
