£173m turnover manufacturer gains a UK base with acquisition

CGR, which designs and makes mechanical and mechatronic components in Europe, America and Asia, has acquired John Binns Springs, a Skipton-based specialist manufacturer of wire springs.

John Binns Springs has more than 125 years of experience and offers solutions in all industrial sectors, including medical, nuclear, retail and automotive.

The management team of John Binns Springs will remain in place, adding its expertise and industry knowledge to the privately-owned CGR group, contributing further to its international development.

Alex Driver, director of John Binns Springs, said: “For John Binns, CGR is a remarkable growth opportunity, opening up new technologies and new fields of activity.

“This will allow us to increase further our technical expertise, particularly with the support of the CGR R&D laboratory.”

Joseph Varoqui, president of CGR, said: “The acquisition of JB Springs is part of the vision for local production within an international scope. This is fundamental to satisfying clients’ needs.”

Alexis Martel, CEO of CGR, added: “Both companies share the same values, we provide a healthy, motivating and empowering work environment for our people.

“By developing its global growth, CGR develops quality jobs all over the world.”

CGR was originally a pure spring maker. The company is now offering co-engineering and serial production of various metal components or metal plastic components based on cold forming technology (wire, tube, cable, steep steel), overmolding and automated assembly.

In 2022, the turnover of the group reached 196m euros with a target of 220m euros by 2023.

The group delivers to more than 1,500 customers all over the world, with around 80% for the automotive
sector, 10% for aerospace, and 10% for electric industry and other sectors.

For the seller, corporate finance was provided by Mazars (Alex Baskeyfield, Arran Smedley) and legal by Squire Patton Boggs (William Down, Emily Downie, Joshua Astill-headley, David Hartford-Jeffrey, Ed Forth).

For the buyer, legal advice was provided by DMH (Jonathan Grant, Josie Appleyard, Tom Watkins, Maino Abigail) and due diligence by Tax Advisory Partnership (Russ Cahill).

CGR – (Claudine de Brito, Jean-Marie Lavirotte, Philippe Tissot, Trong Luu, David Caballol, Sylvain Coniel)

Banking – BNP Paribas (Laetitia Tronchon) and Crédit Agricole.