Tue, 15 Aug 2017 | MBO/MBI
A robotics company which began life designing mechanisms for sewing machine manufacturer Singer in the Victorian era has completed a management buyout as it seeks out new markets.
Sewtec, a Yorkshire-based company that designs and engineers automated manufacturing and packaging systems for the confectionery, food, pharmaceutical, personal care and tobacco industries, saw its revenues increase by more than a third in 2016 to reach £22 million and pre-tax profits hit £11.3 million.
The firm, which employs a team of 70 engineers, was originally established as part of the larger Singer company in 1897. It broke away almost 100 years later - in 1982 - to initially concentrate on the automotive industry.
Today the company designs various production and packaging solutions for customers around the world, with many resources spent on developing new designs to capitalise on the increased trend of automation in industry.
The management buyout was backed by private equity firm Endless and comes at the end of 20 years of expansion driven by Sewtec’s vendor, Bernard Meehan. He famously left school at 16 to become an apprentice engineer, joining the firm as a designer at 23 before becoming general manager two years later and taking full ownership of Sewtec in 2005.
Meehan will remain as an adviser to Sewtec while a management team of Gary Day, Karl Conqueror and Paul Johnson have spearheaded the buyout.
Speaking about Sewtec, Meehan said: “The fact that big multinationals from all over the world are coming to Ravensthorpe in Dewsbury to solve their problems is something I am very proud of.”
Exports currently make up 85 per cent of Sewtec’s sales.
Endless, a fund that was launched in Leeds in 2005, has made ten further acquisitions this year.
Subscribe to Business Sale Report here.
Indicative offers are required by 12:00hours on Monday 20 January 2020 with a view to completion shortly thereafter. The proposed Joint Administrators are seeking parties interested in the business and assets of a Company that trades as a recruitment...
LEASEHOLD
Offers and proof of funding sought by 17:00hours on Friday 24 January 2020. The Joint Administrators are seeking parties interested in the business and assets of a commercial contractor business based in the Midlands.
Provides highly skilled and professional hospitality staff across a variety of sectors. Recognised as both a preferred and top tier supplier for several of its prestigious clients. Supplying both temporary and permanent Nationwide staffing solutions....
LEASEHOLD
|
17
|
|
Jan
|
Sample book and shade card manufacturer acquired from administration | BUSINESS SALE
The business and assets of Yorkshire-based display products ...
|
16
|
|
Jan
|
Northgate and Redde shareholders approve merger | MERGER
The proposed merger of listed companies Northgate and Redde ...
|
15
|
|
Jan
|
SSE sells retail business to OVO Energy | DIVISION SALE
Power utility SSE has announced it has completed the sale of...
Sign up to receive our acquisition alert emails to get your FREE guide
|
18
|
|
Dec
|
The Book People goes into administration | ADMINISTRATION
Online and pop-up book retailer The Book People has gone int...
|
03
|
|
Jul
|
Kier Group FPS sold in MBO | MBO/MBI
Kier Group's Fleet and Passenger Services (FPS) divisio...
|
11
|
|
Jul
|
Endless close in on Kiddicare acquisition | DIVISION SALE
Private equity firm Endless is leading the race to season Ki...
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