Multi-million pound funding deal for engineering firm

THE founder and managing director of a Cumbria-based precision engineering business is celebrating a multi-million pound investment from a private equity company.

Astec Precision in Ulverston has received the cash boost from Nevis Capital.
Astec – which employs 19 people and is a specialist sub-contract manufacturer with a global customer base – was launched 17 years ago by current managing director Peter Smith.

He told The Business Desk: “This is the biggest deal we have ever made and it will help our ongoing expansion plans hugely.

“This is the start of a new phase in the company’s growth and I’m excited at the prospect of working in partnership with Nevis to deliver it.”

Established in 2007, Nevis Capital claims to be a leading private equity house investing across the UK in the SME market. 

Partner Brian Aitken said: “We believe the business has huge potential and look forward to working with Peter to help it achieve this.”

Advice on the deal came from Manchester-based business law firm Turner Parkinson’s corporate team led by director David Easdown, and supported by David Hayes, Andrew Sturge and Matthew Flanagan with property expertise from Rachel McIlroy.

Easdown said: “This is a great example of an owner managed business gaining the support of private equity and working collaboratively. We are pleased to have supported the business as it moves to the next stage in its growth.”