£21m-turnover manufacturer acquired by German group
A Keighley-based manufacturer of precision fastener devices which sells components worldwide has been acquired by a German counterpart.
£21m-turnover Glusburn Holdings, the holding company of Cirteq, has been bought by German manufacturer Titgemeyer, an international fastening and transport technology company.
Cirteq operates out of a modern factory in Glusburn, near Keighley, with 215 staff and a further 55 employed via agencies.
Established in the 1930s, the company went through a series of corporate ownerships, including SKF of Sweden, before being acquired by NYSE-quoted TransTechnology Corporation in the mid-1990s.
In 2002, majority ownership and full management control was acquired by Vic Stevens and Andrew Crabtree, and the company was renamed Cirteq, establishing the brand name known today.
In its most recent accounts filed on Companies House, Glusburn Holdings last reported a turnover £21m and a pre-tax profit of £3.5m.
Crabtree, who will remain with the business for a short period of time, said: “We are pleased that the Cirteq business, which we have nurtured for the past 17 years, has found a home within the Titgemeyer Group and are confident that it will continue to develop within that environment.
“Our thanks are also due to our professional advisors, Camlee Group and Lupton Fawcett, who guided the whole disposal process on our behalf.”
Titgemeyer, with more than 550 employees operating in 15 sites across Europe, is headquartered in Osnabruck.
Dr Joachim Sommer, Titgemeyer chief executive, led the transaction for the acquirer, assisted by Niklas Krause and Andreas Jaeger from Dusseldorf-based corporate finance advisory firm Transfer Partners. Titgemeyer received legal counsel from a Shoosmiths team led by Ben Turner.
The exiting shareholders Stevens and Crabtree were advised by the Sale-based Camlee Group.
Adam Cottam, corporate finance manager at Camlee, who was lead advisor and supported by managing director Cameron Varley, said: “Vic and Andrew were a pleasure to work with and it’s fantastic that they can realise their many years of hard work.
“I’d also like to take the opportunity to thank Titgemeyer and their advisory team for their professionalism shown throughout the process – I’m sure Cirteq will go from strength to strength under Titgemeyer’s ownership.”
Stevens and Crabtree were also advised by Michele Phillips and the corporate team at Lupton Fawcett solicitors.
Phillips said: “I have known Vic and Andrew since 2002, when I worked on the management buyout with them.
“It has been great to see what they have achieved over the period of their ownership, and to be a part of their advisory team from beginning to end.
“It is good to see that Cirteq has joined a group of companies with expertise in the sector, and which will enable both Cirteq and Titgemeyer to prosper.”