Wednesday, June 11, 2014

News: Northern Engineering acquired by US private investors

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Dinnington-based Northern Engineering (Sheffield) Ltd (NES), has been acquired by American specialist private investment partnership, Industrial Growth Partners (IGP), as part of a deal for parent company, Sanders Industries.

Founded in 1983, NES is a provider of bespoke engineered solutions with elastomeric polymers that are used in sectors such as aerospace and defence, and are market leaders in the manufacture of high quality hot-vulcanised O Rings which are used in a variety of applications.

The company, which has grown since being acquired by the Californian speciality polymer and metal manufacturing group, Sanders Industries, in 2006, employs 145 staff and has a turnover of around £7m.

Industrial Growth Partners, which raises equity capital to acquire middle-market industrial manufacturing businesses, has now acquired Sanders Industries for an undisclosed sum. IGP made the acquisition along with management and outside investors.

IGP said that the deal creates a platform for Sanders to accelerate growth in its core commercial aerospace and defence markets and pursue selective acquisition opportunities. The acquisition is said to be an ideal fit with IGP's strategy of investing in niche engineered products companies with leading market shares and outstanding management teams.

Rob Threapleton, managing director at Northern Engineering (Sheffield) Ltd, described the deal as an "exciting new direction for our business," adding: "Since I joined Sanders Industries two years ago, we have been leading a change in culture that focuses on continuous improvement and customer experience. I can see the changes taking hold and our goal of being a best-in-class supplier is well underway. As part of IGP, this journey will continue."

Larry O'Toole, CEO of Sanders Industries, added: "The Sanders management team is excited about the opportunity to leverage IGP's experience to strengthen our position in our core markets and pursue the numerous opportunities in our pipeline. We look forward to capitalising on the resources this new relationship provides."

Northern Engineering website

Images: Northern Engineering

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