Farnborough-based specialist engineering business TP Group (
www.tpgroup.uk.com has reached an agreement to acquire two companies in Wincanton, Somerset, in a deal that could be worth up to £2.75 million.
It is buying ALS Technologies, which provides systems engineering and assurance capability for mission-support, flight-control, combat and tactical-information systems for the aerospace and defence sectors, and Flexible Software Solutions (FSS), which develops safety-critical software for the defence and commercial sectors.
The former reported revenues of £4.3 million and profits before tax of £500,000 for the financial year to 30 September, while the latter saw sales of £200,000 for the 12 months to 31 December.
Steve Lafferty and Steve Bray, directors of both companies, will remain with the businesses and continue to lead their activities and operations in Wincanton.
Phil Cartmell, chief executive of TP Group, said: “We are delighted to have agreed the purchase of ALS and FSS. The enlarged group will bring critical mass to our services business and should stimulate growth in both ALS and FSS, as they benefit from the greater market reach and presence delivered by TPG.
“I look forward to driving continued growth and value in the coming years.”