Mon, 02 Aug 2021 | BUSINESS SALE
TGM Partners, a company specialising in the acquisition and growth of owner-managed engineering businesses, has expanded further with the acquisition of two manufacturing companies. Leicestershire-based Automatic Engineers and Barnsley-based Vesseltec have become TGM’s 11th and 12th businesses respectively.
The dual takeover brings the firm’s annual revenue to close to £25 million and reflects TGM’s ethos of providing exit solutions for long-term business owners at engineering and manufacturing SMEs.
Automatic Engineers, which dates back over 50 years, is a component manufacturer working in sectors including automotive, renewables, aerospace and rail. Vesseltec, meanwhile, designs and manufactures pressure valves for sectors including pharmaceutical.
TGM Partners Co-Founder Eric Kolodner said: “We are extremely pleased to add Automatic Engineers and Vesseltec into the TGM group as our 11th and 12th businesses. These two acquisitions will bring TGM’s total annual revenue to almost £25m and 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.”
Kolodner’s fellow Co-Founder Jon Frewin commented: “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.”
Discussing the sale of his business, former Vesseltec owner Ian Smith said: “I started conversations with the TGM team regarding the sale of my business almost four years ago, before they had acquired any engineering companies.
“With their successful record of building a strong engineering and manufacturing group focused on growth and financial stability, I look forward to being part of the TGM team and being able to execute larger contracts, which will take Vesseltec to a new level. I’m proud to still be involved in making this happen.”
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