Devon-based Condition Monitoring Technology Group
(CMTG), a manufacturer of vibration detection equipment for high-tech assets, has doubled its existing Santander UK Growth Capital facilities.
The latest funding from Santander UK has been used to complete two further acquisitions, as well as to rebrand the Group and facilitate a shareholder restructure.
Having supported the business since 2014 with acquisitions including Semia SAS in 2020, this latest investment has facilitated the acquisition of DJB Instruments (UK) Ltd and DJB Instruments SAS in France, both of which completed in the last quarter of 2021.
The incremental investment will support the rebranding of the Group and a shareholder restructure. These changes reflect CMTG’s continuing ambitious growth plans to build its global presence, bolster its expertise in vibration technologies, and increase its market share of vibration monitoring systems.
Operating in a niche and specialist market, CMTG designs, manufactures and installs vibration measurement and condition monitoring systems that collect and analyse data from a variety of assets, including helicopters and rotating industrial plant.
The company’s products deliver improved safety through identification of potential mechanical failures before they occur. They deliver improved reliability and plant availability and help reduce maintenance costs for the end user.
CMTG currently employs 143 people in its offices in the UK, Italy, France, Germany and the USA.
Raf Lobato, new Group CEO at CMTG, said: “I am really pleased to have joined CMTG at an exciting time for the business and look forward to using my experience within previous roles to assist the growth plans.
“The rebranding exercise emphasises the skills and strengths of the Group in providing technology driven solutions across our key sectors in international markets. CMTG recognises the value that Santander UK has brought with its support of the Group over a number of years.”
Peter Abel, Growth Capital Director at Santander UK, said: “We are very pleased to extend our commitment to CMTG with funding support for the business’ rebranding and shareholder restructure driven by the executive leadership team.
“CMTG has significant experience and expertise in its key sectors and the rebranding emphasises this to its customers and prospects across many international markets. With our strong track record in supporting growing and ambitious SME businesses, we look forward to continuing the relationship with the leadership team.”