Manufacturing group to double in size following deal to buy rival
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A Tamworth-based manufacturing company has swooped for a Portsmouth engineering firm.
Gearing Up, which trades as Precision Technologies, has bought the Langstone Group, with the support of investor Panoramic Growth Equity (Panoramic), the equity investor in fast growing companies, and with additional funding from its banking partner Arbuthnot Bank.
The Midlands corporate finance team at national audit, tax, advisory and risk firm Crowe advised Gearing Up.
Gearing Up is a Tamworth-based manufacturer of precision cut and ground gears, splines, threads and gauges which are used in the world’s most demanding and high profile industries.
The Langstone Group has over 20 years’ experience in mould tools, precision engineering and design. Specialising in 5-axis machining with a team of around 45 engineers, the company serves customers in F1, motorsport, aerospace and marine, among other sectors.
Crowe corporate finance partner Andy Kay and associate director Chasz Coulsting provided financial due diligence and tax advice to the board of Precision Technologies.
Kay said: “The acquisition doubles the size of the business and will allow the combined group to benefit from expanded capabilities and technical abilities to allow it to service current and future customers of the expanded business. We were delighted to work with the teams at Precision Technologies and Panoramic on this transaction and wish them every success with their growth plans for the group.”
Managing director James Nicklin added: “I am delighted to have completed this transaction and to bring Langstone into the Gearing Up group.
“The additional capacity and capabilities that Langstone brings enhances the group significantly and I look forward to working with Gary Hart and his team as we move forward and build on the success to date”.
Malcolm Kpedekpo, partner at Panoramic, said: “With the addition of Langstone to the Gearing Up group, the next chapter of growth for the group begins. We have been looking at acquisitions for the last couple of years and Langstone stood out as a well-run business, exceptionally well invested and with complementary capabilities”.
Panoramic’s investment into Gearing Up was led by partner Malcolm Kpedekpo and supported by investment manager Katie Leitch. Panoramic was advised by David Kirchin and Michael Flett of lawyers Addleshaw Goddard.
Gearing Up was advised by Greig Williamson and Zoe Fowlie of Vialex. Insurance due diligence was provided by Bernard Dunn and Douglas Lapsley at TL Dallas.
Bank funding was provided by Arbuthnot commercial banking, led by Chris Richards and advised by DHM Stallard.
Langstone was advised by Andrew Lock and Craig Hewitt-Dutton of Lock Dutton Corporate Finance and Blake Morgan.