CorpAcq snaps up Midlands manufacturer

NORTH West private investment group CorpAcq has acquired a £15m turnover precision engineering company, which supplies tier one manufacturers such as JCB and Bentley Motors.

The Altrincham-based firm, whose backers include BetFred owner Fred Done, has acquired Stoke-on-Trent-company Olympus Engineering for an undisclosed sum. It is CorpAcq’s 10th deal.

Olympus Engineering, which employs 160 people, makes precision components. Its other customers include motorbike brand Kawasaki and HydraForce Hydraulics.

The company’s founder, Neil Blood, was killed in a cycling accident in Jersey last year, and has been run by Mr Bood’s father,  Geoff, since the tragedy.

Following CorpAcq’s acquisition, Nick Moston and Jackie Williamson have been promoted to managing director and finance director of Olympus respectively. The senior management team also includes Stephen McIntyre and Stuart Walklet.
    
David Martin, managing director of CorpAcq, said: “Through Neil’s drive, vision and ability, Olympus has grown into a very successful business, and we aim to continue to build on his legacy.

“Olympus fits well with our investment criteria of being a well-run, respected business which is profitable and provides high-quality products to its customers. It has had substantial recent investment in state-of-the-art plant and machinery to keep it at the forefront of its industry, and is well-positioned for sustainable growth over the coming years as the sector continues to strengthen.

“CorpAcq is a long-term investor in successful owner-managed businesses, and we plan to continue to expand the Olympus operation, in terms of staff, machinery and technology.”
 
 Mr Martin added: “This is our first acquisition in the precision engineering sector, and it underlines our faith in British manufacturing and its future. We are seeking further acquisitions, and intend to add other successful engineering businesses, as well as companies from other sectors, to the group.”

Olympus’ new MD Nick Moston said: “The success of Olympus has been centred on providing high-quality products with market-leading service. As part of CorpAcq, we know we can continue to build on that success and strengthen our position in the market.”

CorpAcq was founded in 2006 by entrepreneur Simon Orange. Advisers to CorpAcq on the deal were Summerlin Corporate Finance and law firm Fieldfisher. PNC Business Credit was the debt provider.