Tue, 15 Aug 2023 | BUSINESS SALE
A Midlands-based manufacturing firm has expanded its geographic reach with the acquisition of a company based in Kent. Assa Abloy, which has its UK base in the black country town of Willenhall, has acquired Ashford-based Sunray Engineering Group for an undisclosed sum.
Assa Abloy UK is part of the global Swedish conglomerate Assa Abloy AB, which has operations in approximately 70 countries worldwide. The firm specialises in the manufacture of doors, gates, locks and entrance automation.
Sunray Engineering Group Ltd is a UK-based manufacturer and designer of high specification steel and timber security doors, fire doors and louvre systems. The firm was founded in 1980 and has a workforce of approximately 70 staff. According to a press release from Assa Abloy, the company generated sales of approximately £12 million during 2022, with a strong EBIT margin.
Commenting on the deal, Assa Abloy President and CEO Nico Delvaux said that the acquisition “delivers on our strategy to strengthen our position in the mature markets adding to our comprehensive offering in the UK and EMEIA division as a whole.”
Neil Vann, Executive Vice President of ASSA ABLOY and Head of EMEIA Division, added: "With Sunray Engineering and its great team we want to develop our presence within the high specification doors and louvre systems markets. Sunray Engineering has a long and successful history in the UK, making it a fantastic opportunity to help us realise our growth ambitions and expand our full door specification offering.”
Sunray Engineering was advised by the Midlands corporate finance team at BDO during the deal, with BDO partner and Head of Global M&A John Stephan saying: "Sunray is a highly profitable designer and manufacturer of high-specification doors and attracted significant interest from trade and private equity buyers during the sales process."
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