Growth and development is top of the agenda for high precision engineering company Precision Technologies International Ltd (PTI) (www.ptiltd.co.uk) following the sale of the business to a management team led by experienced entrepreneur Kevin Parkin. He will be working alongside existing Technical Directors Colin Palin and Patrick Walker, who have also invested in the deal and John Sandland who remains Finance Director.
Midlands-based Precision Technologies has a strong 50-year heritage in the manufacture of specialist component parts including gears, splines and threads for a wide range of sectors including winning Formula One teams in motorsport as well as aerospace, oil and gas. Under the leadership of Parkin the company has plans for expansion into new sectors such as defence, nuclear and medical as well as the creation of new jobs and ambitious plans for its apprentice scheme. Parkin is a forward-thinking, no-nonsense board director with a proven track record in manufacturing and engineering, and an enviable trophy cabinet of industry awards under his belt. He says, “I was attracted to PTI because of the opportunity to grow the business into new sectors such as nuclear across both fusion and fission and to expand further in the medical sector. It is a well established and reliable business, which is set apart by the combination of expertise, state-of-the-art machines, unrivalled lab testing and measurement, not to mention low-batch production.”
Precision Technologies began making master gauges predominantly for the motor industry and now has a leading position in the supply of gear and transmission components to the motorsport and aerospace industries. It is a UKAS registered and approved metrology laboratory, which can measure products to within two microns. It has a first-class plant and equipment including nine spark-erosion and four wire-erosion machines. The very latest CAD/CAM facilities, incorporating full 3D modelling with DNC links, have been installed and used.
Parkin and his team are determined to nurture and develop the UK skills base and find the very best talent in the industry. This new deal should result in the creation of at least 15 new highly skilled jobs and he has exciting plans for developing a formalised apprentice training scheme working with Universities from his hometown of Sheffield and Birmingham where PTI is based. Colin Palin, Technical Director comments, “The superb foundations that already exist and the skills upon which this business has been developed will continue through these training schemes and we remain committed to investing in these capabilities. We’re keen to work with local Universities and academies to introduce the very best of British talent to the industry and to enhance manufacturing techniques in the business.”
Patrick Walker, Technical Director concludes, “We want to involve the whole workforce in focusing upon what we do best and will be placing a high priority on world-class quality assurance and a continued commitment to employee health and safety.”
The deal has been supported with funding from Finance Birmingham, Panoramic Growth Equity, Management and Santander Invoice Finance. The current management Colin Palin and Patrick Walker are investing together with Parkin to acquire the business as part of a buy-in management buyout (BIMBO) transaction. Legal advice was provided by Nabarro, Freeths, Gateley and Irwin Mitchell. Corporate finance and financial due diligence was provided by Castle Square Corporate Finance, Seneca and PwC. Further advice was given by Carlton Strategic Advisors (CDD), TL Dallas (Insurance DD) and Vialex (PGE lawyers).