Thu, 23 Jun 2016 | BUSINESS SALE
County Durham-based engineering firm GT Group has been purchased by German manufacturer Knorr-Bremse AG.
GT Group specialises in environmental engineering and its products include Breakaway couplings, Drybreak couplings and Exhaust Gas Control Valves, and serves customers operating in the automotive, oil and gas and petrochemical sectors in over 60 countries. The company was founded over 35 years ago by chairman Geoff Turnbull and has a 250-strong workforce.
Mr Turnbull, who will be retiring from the business, said: “With the expertise of our workforce and the support of its new owners, I am confident I am leaving the business in very safe hands.”
The purchase was made for an undisclosed amount. GT Group, which is debt-free and has a forecasted order book of several hundred million pounds, was advised on the deal by Duncan Lamb from Grant Thornton.
The group's new owners, Munich-based Knorr-Bremse AG, is a 110-year-old, family-owned manufacturer of braking systems for rail and commercial vehicles. It has about 25,000 staff in 30 countries, with 1,000 of these based in the UK at seven sites.
Dr Peter Laier, who is on the executive board at Knorr-Bremse, commented: “The strategic fit of GT Group to Knorr-Bremse and the strong position of our combined businesses will enable us to meet the needs of our worldwide customers in the engine air management business even more comprehensively.
"We will be able to join forces and leverage synergies fast and strengthen our market position in Europe and North America," Insider Media reported.
Find engineering businesses for sale
Fantastic growing embroidery and clothing printers company. This is a relocatable business opportunity. Extensive list of fixtures and fittings. Offers invited.
RELOCATABLE
Upmarket restaurant and play centre based in Manchester. Affluent trading area. Beautifully presented throughout. Management team in place. Newly equipped in 2018. Offers invited.
Popular restaurant located in Media City, Manchester. Located close to BBC offices. Good public transport links. Offers invited.
|
16
|
|
Jul
|
Farsound Aviation sold to AGIC for £115 million | BUSINESS SALE
A supply chain management company operating in the aviation ...
|
15
|
|
Jul
|
Specialist engineering firm forced to appoint administrators | ADMINISTRATION
Rail contracting company Aspin Group Limited has been forced...
|
12
|
|
Jul
|
Irish mobile diagnostics firm snapped up by Blancco Technology Group | BUSINESS SALE
Blancco Technology Group, which provides a range of mobile d...
Sign up to receive our acquisition alert emails to get your FREE guide
|
11
|
|
Jun
|
Administrators called in for Newport radiator company | ADMINISTRATION
A radiator manufacturer headquartered in Newport, South Wale...
|
07
|
|
Jun
|
Administrators called in for Rotherham metal tech company – buyer wanted immediately | ADMINISTRATION
A specialist metals technology firm based in the Advanced Ma...
|
15
|
|
May
|
Logistics recruiters and distributors snaps up Birmingham-based counterpart | BUSINESS SALE
Challenge TRG Group, headquartered in Wigan, has successfull...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources