A West Bromwich company specialising in the design and manufacture of bolt-tightening equipment has been acquired by a global industrial group.
Tentec Limited has been acquired by Atlas Copco – one of Sweden's largest industrial companies and a leading supplier of sustainable productivity solutions within compressors, construction and mining equipment, industrial tools and assembly systems. All 65 members of staff at Tentec will retain their jobs at the company which designs, manufactures and markets bolt tightening and tensioning products for use in the global oil and gas, power generation, wind power and mining industries and had annual revenues of around £10 million last year.
Mark Gibson, corporate partner at national law firm DWF, provided legal advice to Tentec on the deal. Mark commented: "This strategic acquisition will not only support Tentec's future growth, it also complements Atlas Copco's current offering, enabling the company to better service its client base."
Mark Selby, director of corporate finance at Midlands-based Baldwins accountants, acted for owner Adrian Pegler, who is to retire, and Mike Gethings, who will continue as managing director, on the sale of the business.
Mike said he expected the acquisition to lead to further growth for the company. "We will continue with business as usual by implementing a strong growth strategy while at the same time utilising Atlas Copco's sales and marketing channels along with its research and development organisation," he said. "Tentec will be run as a business line within the General Industry division of Atlas Copco Industrial Technique, with a target of growing sales of hydraulic bolt tensioners. Tentec will be able to benefit from Atlas Copco's global sales, distribution, service and maintenance network which can only lead to future growth in a specialised sector."
Tentec was founded in 1988 and has built up the business to sell its products in North and South America, Europe, Africa, Asia and Australia.