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
A well-established company providing metal finishing services since the 1980’’s they have expanded both the range of products that they offer and the company itself.
They are a leading manufacturer of Digital Portable Tachometers & associated devices in Europe. They specialise in the design and manufacture of high-quality speed measurement products, and have been doing so for over 40 years. In addition, the compa...
The company designs and manufactures fluid systems for automotive OEMs, including fuel and vapour systems, coolant, air, and SCR systems. Focusing on lower volumes and higher margins, the company prides itself on its end-to-end service and is accredi...
Interflex Limited, a manufacturer of automotive parts in Not...
Fox Industrial Services Limited, a construction firm based i...
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
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.