Altec Engineering (
www.alteceng.co.uk), an engineering solutions provider based in County Durham, has secured investment from the Business Growth Fund (BGF).
The company manufactures special-purpose equipment as well as high-precision components for the automotive, aerospace, mining, defence and oil and gas sectors.
The first thing it did with the money was to acquire neighbouring business Ronco Engineering — a company founded in 1992 that supplies parts to a wide range of customers such as Caterpillar and JCB.
Founded by Ron Waite in 1978, Altec has expanded significantly over the past 18 months. The business successfully raised investment last year to expand its site, install new cutting-edge machine tools, and set up a specialist coatings division.
The past three years have seen revenues double through organic growth plus the acquisition of Sigma Technologies, which makes components for a variety of sectors.
Altec chairman Alastair Waite said: “Altec was successful in obtaining funding from FW Capital last year, which enabled us to grow the business to the stage where BGF could support us further.
“The latter’s investment has already helped us to move forward with our growth plans through the acquisition of Ronco — a solid business that shares our ethos of engineering quality and building long-standing relationships with customers. We were delighted to receive the backing of BGF, to give us the confidence to deliver on our ambitious growth plans.”