Global player snaps up Birmingham components firm

IN the latest example of global firms buying up niche businesses, Birmingham manufacturer Precision Micro has been acquired by Meggitt plc.

The Erdington specialist component manufacturer – which employs more than 150 people – was taken over by Meggitt, one of its an existing customers, for an undisclosed sum.

Meggitt is a FTSE 100 global engineering group headquartered in Christchurch, Dorset.  It specialises in extreme environment components and smart sub-systems for civil aerospace, military and energy markets. The business employs more than 10,000 staff globally.

Precision Micro manufactures specialist metal components for technology-focused organisations in a range of sectors, including aerospace, automotive and energy. The firm has annual sales of around £13m and a blue-chip customer base.

Birmingham-based Clearwater Corporate Finance advised Precision Micro on the deal while a team from the Birmingham offices of Eversheds provided legal advice.

Jon Hustler, partner and head of Clearwater’s industrials team, said: “Precision Micro is growing sales in a highly-specialised area.

“In recent years it has enjoyed sustained organic growth in both the UK and in overseas markets, particularly in Europe.”