Private equity firm Endless has backed a management buyout at robotics specialist Sewtec Automation.
Sewtec, which is based in Yorkshire, was established at the end of the 19th century as the design and development department of the Singer Corporation, the historic manufacturer of sewing machines.
It now designs and engineers automated manufacturing and packaging systems for global blue-chip companies in sectors including confectionery, food, pharmaceutical, personal care and tobacco. The company currently has a turnover of £22 million and exports make up 85 per cent of its sales.
The investment from Endless will be used to help the business grow and expand into new markets.
Andrew Ross, director at Endless, said: “For a business of its size and location, Sewtec has an impressive list of multinational customers which trust and respect its team of highly skilled engineers to come up with innovative solutions to some very difficult problems. It is an inspirational Yorkshire success story and as a private equity house with headquarters in Yorkshire we are delighted to be supporting the management team at Sewtec with the next stage of its development.”
The buy out was led by the management team of Gary Day, Karl Conqueror and Paul Johnson at Sewtec. Backed by Endless, they have bought the business from Sewtec’s managing director Bernard Meehan, who will stay on as consultant.
Paul Johnson, sales director at Sewtec, said: “We are delighted to be working with Endless and look forward to an exciting future together. We have developed together a sustainable growth strategy that will allow the business to flourish further, while making sure that our employees remain engaged, satisfied and aligned with our vision. Working with Endless ensures the business can operate in the future with the financial security that it has enjoyed in the past.”