A Tamworth manufacturer has doubled in size following the acquisition of an engineering company.
Gearing up – which trades as Precision Technologies – has bought the Portsmouth-based Langstone Group.
The deal was agreed with support from equity investor Panoramic and with additional funding from banking partner Arbuthnot Bank.
Gearing Up manufacturers precision cut and ground gears, splines, threads and gauges which are used in the world’s most demanding and high profile industries.
The Langstone Group has over 20 years’ experience in mould tools, precision engineering and design. Specialising in five-axis machining with a team of around 45 engineers, the company serves customers in F1, motorsport, aerospace and marine, among other sectors.
Gearing Up managing director James Nicklin said: “I am delighted to have completed this transaction and to bring Langstone into the Gearing Up group.
“The additional capacity and capabilities that Langstone brings enhances the group significantly and I look forward to working with Gary Hart and his team as we move forward and build on the success to date.”
Malcolm Kpedekpo, partner at Panoramic, added: “With the addition of Langstone to the Gearing Up group, the next chapter of growth for the group begins.
“We have been looking at acquisitions for the last couple of years and Langstone stood out as a well-run business, exceptionally well invested and with complementary capabilities.”
National audit, tax, advisory and risk firm Crowe advised Gearing Up on the acquisition.
Crowe corporate finance partner Andy Kay said: “The acquisition doubles the size of the business and will allow the combined group to benefit from expanded capabilities and technical abilities to allow it to service current and future customers of the expanded business.
“We were delighted to work with the teams at Precision Technologies and Panoramic on this transaction and wish them every success with their growth plans for the group.”