Leicestershire-based engineering company Automatic Engineers
, which has been in operation for more than 50 years, is the latest firm to be acquired by acquisitive group TGM Partners
Over the past quarter, TGM acquired has Automatic Engineers in Hinckley, along with Barnsley-based Vesseltec UK. These latest acquisitions bring total turnover of the 12 engineering businesses within the group to nearly £25 million and the number of employees to almost 200.
Automatic Engineers is a component manufacturer with customers operating in the aerospace, automotive, rail, energy and renewables sectors, while Vesseltec is an engineering firm specialising in designing and manufacturing pressure vessels for the pharmaceutical sector and other industry sectors.
TGM co-founder Eric Kolodner said: “These two acquisitions underscore our four-year track record of providing attractive exit solutions to long-term owners of SMEs in the engineering and industrial manufacturing sectors.
“Our flexible approach to acquisitions is reflected in both deals; the seller of Automatic Engineers is looking to transition out of the business quickly, while at Vesseltec, the seller is planning to continue providing services to the company for the foreseeable future.
“Both businesses will continue to operate from their existing premises and all staff will keep their jobs, to ensure a smooth and seamless transition for employees, customers and suppliers.”
Fellow co-founder Jon Frewin added: “In the coming months, we will provide training to develop the skills and careers of relevant staff members, which reflects our focus on continuity, stability and growth of our acquired businesses.
“These acquisitions allow us to expand our scope of manufacturing/engineering capabilities and services across a broader set of sectors and customers, including serving an increasing number of blue-chip corporates.
“As our business units continue to grow, we are increasingly able to recognise synergies across the TGM group, including through customer cross-selling and the introduction of operational best practices.”