Manchester based investment group CorpAcq has taken a 50 per cent stake in a £5.2m-turnover Wigan business which supplies industrial generators.
The deal takes annual revenues in CorpAcq's portfolio of businesses to £40m.
It has bought into Mather & Stuart, a company which employs 24 staff and has its headquarters in Standish.
The company has been established for 25 years and has grown into one of the country’s leading independent suppliers of generators for sale and hire to the construction, utilities, manufacturing and rail sectors.
CorpAcq, led by Simon Orange and Gary Black, is a buy-and-build outfit which is aiming to become a £100m turnover group.
Its plant division comprises Metcalfe Plant Hire, of Penrith, Chester-based UK Logistics and Wakefield’s Filtermech Plant Sales.
The group also has a building services division which comprises Regency Glass, of Leigh, and Wirral-based Vista Group.
Mr Black said of the Mather & Stuart deal: “It complements our expanding plant division and gives us access to a greater customer base. “The business has an enviable reputation for providing quality machinery and service. “We are still looking for further opportunities to grow.” CorpAcq said all staff at Mather & Stuart would remain with the company.
The group said it was attracted to Mather & Stuart because it sees growth opportunities through large commercial projects, including those connected to the investment in infrastructure for the 2012 Olympics. Mather & Stuart was owned by the two founding families, who retain a 50 per cent stake.
Accountancy practice Jackson Stephen advised on the deal, led by corporate finance partner Helen Jackson. Other advisers were Gary Jones, of law firm Mace & Jones, Lee Teste and Michael Bradbury, of TMG Corporate Finance.
Funding for the deal was provided by the Co-op Bank and the Royal Bank of Scotland’s invoice finance team. CorpAcq, established in 2006, operates from offices in Altrincham, Cheshire.
Click here to download as PDF.