Pressure Tech Completes Acquisition of Asgard Engineering
10 August 2021Pressure Tech Ltd has successfully completed the acquisition of Asgard Engineering Limited — a precision supplier of CNC machined components, and a key supplier to Pressure Tech.
When owner, Ian Hampton, announced his plans to retire and exit from Asgard, Steve was enthusiastic to pursue the opportunity to add Asgard to the Pressure Tech business.
With eight precision sliding head machines and a team of highly dedicated employees, the type of machined components supplied by Asgard Engineering fit perfectly into the supply chain for Pressure Tech.
"In addition to being one of our main suppliers, there was an important synergy between the two companies. Both Pressure Tech and Asgard have a shared belief in the importance of high-quality products. I have already spoken to some of Asgard’s existing customer base and one thing was clear; the quality of the products manufactured is one of the key reasons why they return time and again.
"When the opportunity to purchase Asgard became known, we instantly saw opportunities to achieve growth. A key part of the expansion strategy is investment in their operating systems and employees. Plans are already under way to implement production improvements with a new MRP system, and proactive marketing campaigns will help drive our growth ambitions.
"Whilst being owned by Pressure Tech, Asgard Engineering will continue to operate as a separate entity and service their existing customer base to the same high-quality standards that their customers have come to expect", commented Steve.
The Share Purchase Agreement was completed over the past two months with an initial down payment for an undisclosed sum and a further consideration in two months’ time. The acquisition process was supported by corporate finance advisor John Sykes, Sonio Singh at law firm Davis Blank Furniss, and Ian Buckley at accountants Bennett Verby.