Walsall Pressings takeover gives DRB Engineering shareholders an exit
WALSALL Pressings has taken over a fellow West Midlands manufacturer in an undisclosed deal.
The Walsall firm has acquired -based DRB Holdings and its subsidiary DRB Engineering.
Three of DRB’s shareholders were seeking exit towards retirement.
DRB Engineering is a £6m turnover provider of comprehensive metal pressing, manufacturing and toolmaking services. Operating through two divisions, DRB Engineering and Holloway Tool, the company has extensive experience as a tier one supplier to consumer electronics and industrial products manufacturers and serves a high end, blue chip customer which includes Baxi and Panasonic.
It also has tier two supplier relationships in the automotive industry, serving Nissan, Toyota, Jaguar Land Rover and Bentley.
Walsall Pressings boasts an annual turnover in excess of £33m and specialises in the design, development and manufacture of technical metal presswork, robotic welding and mechanical assemblies for customers spanning a diverse range of market sectors including automotive, communications and domestic appliances.
The vendor was advised by KBS Corporate throughout, and by Birmingham law firm Gateley during the legal process.
Guy Haynes, senior deal executive at KBS Corporate, said, “From the outset there was significant interest in DRB Engineering, meaning that we were able to launch a competitive bidding process within three months of going to market.
“Although there were some very respectable bids from a number of other sources, Walsall Pressings was always the most obvious option on the table, given the fruitful relationship that the two companies already enjoyed.”
Seeking exits towards retirement, DRB Engineering shareholders Reg Jones, Ray Aldworth and Roy Hill have all been able to achieve this, albeit with very light consultancy agreements still in place.
Brian Devlin, the fourth shareholder, has agreed a new package and remains with the company. All other staff are expected to remain in situ.
