Investment group CorpAcq has completed its 10th acquisition with the takeover of a precision engineering business.
CorpAcq, based in Altrincham, Greater Manchester, has paid an undisclosed sum for Olympus Engineering, which employs 160 staff at its headquarters in Stoke.
Olympus manufactures precision components for blue-chip clients such as Bentley Motors, JCB, Kawasaki and HydraForce Hydraulics.
The £15m-turnover business was founded in 2000 by Neil Blood, who passed away last year following a tragic cycling accident in Jersey. Neil’s father Geoff then stepped in to run the business.
Following CorpAcq’s acquisition, Nick Moston and Jackie Williamson have been promoted to managing director and finance director of Olympus respectively. The senior management team also includes Stephen McIntyre and Stuart Walklet.
David Martin, managing director of CorpAcq, said: “Through Neil’s drive, vision and ability, Olympus has grown into a very successful business, and we aim to continue to build on his legacy.
“Olympus fits well with our investment criteria of being a well-run, respected business which is profitable and provides high-quality products to its customers.
“It has had substantial recent investment in state-of-the-art plant and machinery to keep it at the forefront of its industry, and is well-positioned for sustainable growth over the coming years as the sector continues to strengthen.
“CorpAcq is a long-term investor in successful owner-managed businesses, and we plan to continue to expand the Olympus operation, in terms of staff, machinery and technology.
“This is our first acquisition in the precision engineering sector, and it underlines our faith in British manufacturing and its future.
“We are seeking further acquisitions, and intend to add other successful engineering businesses, as well as companies from other sectors, to the group.”
Nick Moston said: “The success of Olympus has been centred on providing high-quality products with market-leading service. As part of CorpAcq, we know we can continue to build on that success and strengthen our position in the market.”
CorpAcq was founded in 2006 by entrepreneur Simon Orange and counts Betfred boss Fred Done among its investors.