Oldham engineering firm sold to UK giant
AN OLDHAM-based precision engineering firm has been sold to a Midlands engineering giant for an undisclosed sum.
Precision engineering firm SPAW Engineering, which operates from a 40,000 sq ft site in Oldham, has been sold to the Shield Group.
SPAW Engineering, specialises in the machining of turbo charger components to the automotive and commercial vehicle industry. The latest available company accounts show it had a turnover of around £8m in the year to the end of June 2015 and employs more than 100 staff.
Shield Group, a £65m-turnover Leicester-based business, is one of the largest engineering groups in the UK, employing around 450 staff. It specialises in providing machining and assembly parts to the power generation, off highway, construction and automotive industries.
The company said the acquisition and specifically SPAW’s customer book, will allow it to grow its existing business within the automotive supply chain.
Accountancy firm Mazars’ Leeds corporate finance team advised SPAW on the deal.
Alex Baskeyfield, corporate finance director, Mazars said: “We were delighted to work with the SPAW shareholder on this transaction. The acquisition is a strong fit and helps the Shield Group strengthen its presence in this sector of the market.”
Clarion provided legal advice to SPAW Clarion, whilst Shield Group was advised by Shakespeare Martineau.