Fri, 07 Jul 2023 | BUSINESS SALE
Colin Mear Engineering, a Somerset-based robotics manufacturer, has been acquired in a pre-pack deal after falling into administration. The company, which designs, builds, installs and services process and packaging automation machinery, has been acquired by an unnamed private equity investor.
The company has a worldwide customer base, with clients in the pharmaceutical, tobacco, cannabis and FMCG industries. It had encountered financial difficulties over recent years, largely stemming from the impact of COVID-19.
Tim Sloggett and Richard Easterby of Quantuma Advisory were appointed as joint administrators to the company. Shortly after their appointment, the joint administrators completed a sale of the company’s business and assets to a private equity firm.
Joint administrator and Quantuma managing director Tim Sloggett said that the deal was “a great outcome for the company”, adding that it protected the business, while “providing it with the platform it needs to deliver its exciting growth plans.”
Sloggett continued: "The company suffered significant challenges due the COVID-19 pandemic, causing significant increases in component lead times and delays in the ability to deliver and install machinery across its global customer base.”
"Despite recent improved trading performance and a strong sales pipeline, the level of creditor arrears and funding required, as a result of these short-term challenges, became too large to meet from future profits.”
Colin Mear Engineering’s Chief Executive Paul Knight said that deal “secured an exciting future” for the business, adding: "The last few months has been very challenging, but now we can focus on returning to profit and the development and execution of our strategy across our markets."
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