Thu, 14 Sep 2023 | BUSINESS SALE
Venture Precision Engineering Group (VPEG) has disposed of its interests in manufacturing firm HireTech to US company American Sanders, one of the world’s largest manufacturers of wood floor sanders. HireTech, which was founded in 1955 and has its headquarters in Watford, is a manufacturer of wood floor sanding machines which it exports for the global tool rental market.
VPEG Chairman Drew Mellor commented: “This was a really well-executed transatlantic deal with a US acquirer and a Japanese-listed parent acquiring a UK company. Those intricacies always make deals a little more interesting.”
Mellor added: “We are delighted to have completed this transaction and are now very excited about growing VPEG through the acquisition of sub-contract machining businesses in the UK which is at the heart of what we do.”
VPEG is a precision manufacturing firm based in Dorset which operates five manufacturing facilities across Dorset and Lancashire, with a workforce of more than 150 engineers. VPEG was advised on the disposal by law firm Moore Barlow, the latest in a series of 13 corporate finance deals that the firm has handled for the group.
VPEG Chief Executive Katie Mellor explained that the deal “successfully transfers ownership” to American Sanders, "but also leaves us with an ongoing agreement in relation to continuing to supply our engineering services to Hiretech and the wider American Sanders group going forwards.”
Mellor added: "There is a real opportunity for growth as companies look to onshore more work from China to take more control of their supply chains. As a premier engineering firm in the UK, we are really well placed to make the most of that opportunity."
Find out more about US buyers targeting UK acquisitions
Read more about M&A trends in the UK's manufacturing sector
An experienced designer and manufacturer of co-extrusion dieheads and provider of general CNC machine work to clients.
LEASEHOLD
This is a well-developed, cash-generative business owned and operated by its current management team since 2006.
Long established trade supplier of marble, granite, slate and limestone quality fireplaces and worked materials.
LEASEHOLD
27
|
Sep
|
Potential buyers sought as Dundee glazing firm enters administration | ADMINISTRATION
Logie Glazing and Building Services, a Dundee-based construc...
27
|
Sep
|
TalkTalk poised to sell £150m B2B division as part of demerger | BUSINESS SALE
As part of its planned demerger, telecoms giant TalkTalk is ...
27
|
Sep
|
Manufacturer expands materials handling division with acquisition | BUSINESS SALE
Wakefield-based machinery manufacturer Group Rhodes has acqu...
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
Please choose your settings for this site below. For more information please read our Cookie Policy
These cookies are necessary for our website to function properly and provide you with access to all features.
These are analytics cookies that help us to improve the way our website works.
These are used to improve the functional performance of the website and make it easier for you to use.