Altec Engineering, an engineering solutions provider based in County Durham, received a £6m investment from BGF to support its buy and build strategy and organic growth. The first investment was the acquisition of neighbouring business Ronco Engineering.
Altec Engineering designs and manufactures special purpose equipment and manufactures high precision CNC components for the automotive, aerospace, mining, defence and oil & gas sectors. Ronco Engineering is a precision engineering company based in Tanfield Lea, County Durham. Founded in 1992, it provides CNC manufactured parts to customers such as Caterpillar and JCB.
Altec Engineering is led by an experienced team and its major shareholder Alastair Waite, who acquired a majority stake in the business from his father. Altec acquired Yorkshire based Sigma Technologies in November 2014. Altec Engineering plans to scale-up its business through accelerating its organic growth plans following the expansion and investment into its Durham site last year and the delivery of new value-added services such as specialist coatings and through further strategic acquisitions.
David Bailey, former vice president of Parker Hannifin Europe, was appointed to the role of non-executive chairman following an introduction made by BGF.