Gabbro Precision Ltd., a maker of engineering technology for oil and gas industry, has paid 10 million pounds ($15.8 million) to buy Midland Precision Ltd. Gabbro Precision is backed by Baird Capital Partners Europe.
Gabbro Precision Limited (“Gabbro Precision”), the international engineering solutions provider to the oil and gas industry, is pleased to announce that it has acquired Midland Precision Limited (“Midland”) for £10million.
Midland is a high quality business with strong customer focus and a well deserved reputation for quality. As part of Gabbro Precision, Midland will build upon its success to date both in the UK and internationally. The acquisition fits perfectly into Gabbro’s precision engineering division which includes the previously acquired Nexus Precision in the UK and full service engineering operations in Malaysia.
The acquisition comes at a time when Gabbro Precision is investing heavily in its precision engineering division to support its pipeline of international growth.
Deane Wakeling, MD of Midland will join the Gabbro’s executive team as Commercial Director for the engineering division.
Gabbro Precision is backed by Baird Capital Partners Europe (“BCPE”), a leading UK private equity investor that supports its portfolio companies with in-house global operating resources.
Deane Wakeling, MD of Midland Precision said
“I am delighted that Midland will be part of Gabbro Precision, a company that shares our vision for service and quality. I believe that, as part of an international business, Midland can go from strength to strength”
David Barrass, Executive Chairman of Gabbro Precision commented
“We are very excited with this addition to our business at a time when the market is growing strongly and precision engineering skills are at a premium. The acquisition of Midland Precision supports our strategy to be a leading global engineering solutions provider to the oil and gas industry”
James Benfield, Managing Director at Baird Capital Partners Europe, said
“We are delighted to provide further investment to support Gabbro Precision’s rapid growth and ambition to become the leading international provider of engineering solutions to the oil and gas industry”.
The sale of Midland was handled by Orbis partners LLP Birmingham, one the UK’s leading independent Corporate Finance Advisors. Chris Gregory Partner at Orbis, said
“Midland is a quality business operating in a growing Oil & Gas Services sector with a blue chip customer base. We are very pleased with the outcome which we were able to achieve for our clients and Midland will now have the opportunity to further develop within the larger Gabbro Group”.
The Birmingham office of national law firm, Gateley were advisers to Midland on the sale, the team was led by Michael Ward supported by associate, Andrew Cowan.