High-tech components supplier snaps up £9m-turnover business
INDUTRADE, based in a Chesterfield, has bought Manchester-based Vacuum Engineering Services.
Indutrade, which has its headquarters in Sweden, markets and sells components, systems and services with a high-tech content within selected niches.annual sales of approximately £9m.
Vacuum Engineering, which turns over £9m a year, is a manufacturer of leak detection equipment. Some 80% of the company’s sales are exported. Customers consist mainly of automotive industry subcontractors along with important customers also in other sectors such as air conditioning, fire safety and gas measurement.
Vacuum Engineering will be part of Indutrade’s Special Products business area. The acquisition is expected to have a marginally positive impact on Indutrade’s earnings per share.
The deal will see the existing management team continue to run the business.
George Benson, managing director of Vacuum Engineering, said: “We are delighted to become a member of the Indutrade group. This is a move which strengthens our position and provides a stable platform for future growth. The Indutrade methodology of decentralised management enables us to continue close working relationships with our customers and maintain the personal touch of a smaller Company. We see this as a win, win situation for Indutrade, Vacuum Engineering and our customers.”
Peter Rowlands, CEO of Indutrade UK added “We’re delighted the Vacuum Engineering team have joined the Indutrade family. We have been growing rapidly in the UK and Vacuum Engineering is the ideal type of company we like to work with their mix of high technology products, excellent customer service all driven by highly motivated skilled employees.”
A team of advisers from Sentio Partners, Lupton Fawcett and CLB Coopers advised the shareholders of Vacuum Engineering.
Andrew Barlow and Will Arnold of Sentio acted as lead advisers to the shareholders, Mr Barlow said “The deal is a fitting reward for the shareholders for their years of dedication to growing the business. Indutrade are the perfect partner for the business going forward and an example of a strategic acquirer that shares the values of the founding shareholders.”
Dan McCormack, corporate director added: “From the moment we started working with the shareholders to assist in their succession strategy, it was clear that identifying the right custodian for a business that they have built over many years was crucial – it is therefore fantastic to have completed the deal with Indutrade.”
Colin Abrahams from CLB Coopers provided tax advice to the vendor.
Indutrade were advised by a team at Nabarro comprising Iain Newman, Gordon Anton and Ross Hockley
