Connect Precision Ltd has been sold to TGM Industrial Group, with KBS Corporate deal executive Adam Nelson advising on the transaction.
Based in Yorkshire, Connect Precision specialises in precision CNC machining and wire cutting, serving clients in industries such as automotive, aviation, defence and warfare.
The company was originally founded in 1998 by Craig Hepworth and Russell Lawton, who have continued to invest in Connect Precision’s state-of-the-art facilities.
The directors made the decision to sell to facilitate their retirement plans, instructing KBS to identify a buyer who would grow the business alongside the existing workforce.
“Craig and Russell were motivated to seek their well-deserved reward for the years they have committed to growing and managing the business,” said Adam.
TGM was quickly recognised as a suitable buyer, having acquired through KBS previously as part of the group’s ongoing expansion strategy.
The UK-based investment firm specialises in the acquisition and growth of owner-managed businesses in the engineering and manufacturing industries.
“TGM has now completed its third acquisition with KBS, following Automatic Engineers (Hinckley) Ltd and PT Engineers Ltd,” advised Adam. “I am pleased to have contributed to the expansion of their portfolio.”
Craig Hepworth and Russell Lawton will remain with Connect Precision for a short period to facilitate a smooth transition to new ownership, ensuring the business is well placed to grow as part of a wider group.
“The sale of the business gives both Craig and myself time to spend with our extended families,” said Russell. “I think TGM is the correct choice for us. They have the ability to move Connect Precision forward and protect the remaining staff.”
Adam added: “I am satisfied with the transaction as I believe we achieved a good value and a timely sale that allows Craig and Russell to progress towards their next chapter.”