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."
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