Tue, 18 Apr 2023 | BUSINESS SALE
Automotive engineering group Trek-Group has acquired vehicle conversion firm Safeguard SVP out of administration. Sheffield-based Trek-Group says that the acquisition of the Colchester-based firm achieves a “strategic objective” by bolstering its manufacturing and aftersales capabilities in the south of England.
Safeguard SVP is a specialist in converting vehicles for government fleet operators, including ambulance, fire, defence and police. The company, which was founded in 1998, fell into administration in late March 2023, with Quantuma Advisory’s Elias Paourou and Sean Bucknall appointed as joint administrators.
The joint administrators ran an accelerated sale process for the business and its assets, ultimately securing a sale to Trek-Group. In the company’s most recent accounts, covering the year to March 31 2022, its fixed assets were valued at £526,285 and current assets at close to £2.6 million, with net assets amounting to £826,879.
Post-acquisition, Trek-Group will add the business to its existing vehicle conversion specialist Cartwright Vehicle Conversions. Other businesses within the group include motorhome manufacturer Moto-Trek and horsebox maker Equi-Trek.
Commenting on the acquisition, Trek-Group CEO Tom Janion said: "Safeguard SVP has a long and established record of supplying exceptional quality, role-converted vehicles for emergency service fleet operators. We are proud to be able to add the highly regarded skills of Safeguard SVP to our own specialist engineering business, Cartwright Vehicle Conversions.”
"This acquisition fulfils a strategic objective by adding a significant manufacturing and aftersales facility in the south of the country. The combined strengths of both market-leading companies underline our commitment to supplying high quality engineered solutions for Emergency Service, Defence, and other specialist fleet operators through our combined 100,000 sq ft of manufacturing facilities located near Colchester and Doncaster.”
"Safeguard SVP is now operating within the Trek-Group family with the added strength of an organisation with a combined turnover of £100m. This acquisition completes one of our planned expansion steps in this critical market area. Further actions to enhance our position will follow shortly."
Safeguard SVP Sales Director Phil Peel commented: "It is fantastic to have found a buyer with specialist market experience so quickly. This positive move by Tom Janion and the Trek-Group has saved a highly experienced business.”
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