TMAT, a manufacturer of acoustic components for tractors and excavators, is looking for a new investor to help take the business forward into the global market.
The multinational company has reported sustained growth in recent years and record sales enquiries of some £5 million in 2012.
In 2013 to date it has broken its own budgeted sales target for 10% growth by a further 10% in each month. The company is also developing plans to open a factory in Brazil in the near future.
TMAT’s main shareholders, Advent Partners LLP, has instructed Orbis Partners LLP to divest its interests in TMAT Ltd. Advent Partners has helped the company develop from a promising manufacturing business into one that is now turning over about £12m.
The firm says that Advent’s decision was made on the basis that it is now time to match the company with a larger group that can help TMAT fulfil its potential globally.
Andrew Ramsbottom, partner at Advent, said: “The time is right for a larger group with significant capital to come in and give TMAT and managing director Jason Lippitt the support to drive it forward into the global market.
“TMAT couldn’t be in a better position for an ambitious investor to do just that, with sales and enquiries far exceeding what we had anticipated and exciting plans to reach out into global markets,” he added.
TMAT’s managing director Jason Lippitt said: “These are really exciting times for TMAT, and I really look forward to working with new board and sharing ideas for globalisation.
“We would welcome an investor that shares our ambition to make TMAT a major player on the world stage.”
TMAT designs and manufactures solutions to noise, vibration and harshness for ACE (agricultural, construction, earthmoving) markets.
The possible move to Brazil is linked to the large construction equipment manufacturing sector there, exemplified by fellow British manufacturer JCB, which opened a factory there in 2010. Brazil charges heavy import tariffs for goods made outside the country so local manufacturing can be the only practical choice for some companies.