HURST Corporate Finance has advised on the sale of two manufacturing businesses based in Greater Manchester. PI Castings and Turbotech Precision Products, which are both based in Altrincham, have been sold to Erlson Precision Components, of Skelmersdale.
They advised the shareholders of PI Castings and Turbotech Precision Products, namely Ian Taylor, Malcolm Robertson and senior management who acquired the companies in a buyout in 2004.
PI Castings, founded in 1950, is one of the longest-established manufacturers of investment castings in Europe. Its products are mainly used in the aerospace industry and can be found on many of the world’s commercial aircraft.
The business, which has 80 staff, also serves sectors including defence, medical, electronics, transport and oil, and gas.
Turbotech Precision Products manufactures impellor and compressor wheel castings in aluminium alloys for industries including automotive, aerospace, heating, ventilation and air-conditioning, vacuum and other air-flow applications.
Its products are mainly used for turbochargers for cars, trucks and other heavy vehicles. Established more than 25 years ago, the business employs 30 people.
The double deal will ultimately enable Ian and Malcolm to retire, although they will continue to be involved in the businesses for some time.
Erlson, which has three sites in Lancashire, supplies ultra-precision machined products to the global automotive, hydraulic, marine and powertrain industries.
It sees the acquisitions as a way to broaden its customer base and manufacturing skills.
Ian Taylor said, “We are pleased to have completed the sale of our businesses to Erlson. I look forward to being involved in the continued development of the companies.”
“Malcolm and I would like to thank our advisers who had to work hard to complete such a complex deal.
“Since our MBO in 2004, we have had great support from everyone at HURST and would also like to thank the wider team for their advice and insight.”
Lauren Roberts said: “HURST has advised Ian and Malcolm for many years and it has been great to work with them.
"Selling two exporting companies against the background of Brexit and uncertainty over the economy was demanding and complex, so it is really pleasing to find a buyer who will continue to support the development of both businesses.”
Michael Rock and Rebecca Grisewood, of Gateleys, provided legal advice to the shareholders of PI Castings and Turbotech Precision Products.
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