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.
The company provides person-centred support, progression and community integration, helping clients gain skills for living, employment and social skills.
LEASEHOLD
Highly successful business operating over a span of six years. Offers a comprehensive range of high-quality products and has successfully launched stock for over 400 suppliers.
FREEHOLD
Offers an extensive range of roofing and building services, ranging from minor works to major, multi-trade construction projects.
LEASEHOLD
26
|
Feb
|
Hanson-owned brickwork contractor closes down | BUSINESS NEWS
Brickwork firm Irvine-Whitlock, a subsidiary of building mat...
25
|
Feb
|
Fairstone secures further backing from PE firm TA Associates | BUSINESS NEWS
Acquisitive wealth management firm Fairstone Financial Manag...
24
|
Feb
|
Nestlé acquires recipe kit firm SimplyCook | BUSINESS SALE
Nestlé has strengthened its position in the e-commerc...
Sign up to receive our acquisition alert emails to get your FREE guide
02
|
Dec
|
Private-equity backed firm acquires timber processor and distributor | BUSINESS SALE
BSW Group, which is backed by private-equity firm Endless LL...
05
|
Nov
|
Food giant confirms talks over Hovis sale | BUSINESS SALE
Premier Foods has confirmed that it is engaged in ongoing ta...
18
|
Dec
|
The Book People goes into administration | ADMINISTRATION
Online and pop-up book retailer The Book People has gone int...
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