Jim McColl’s Clyde Blowers Capital (CBC) investment vehicle is selling US-headquartered precision motion control specialist Cone Drive for an undisclosed sum.
East Kilbride-based CBC said the business was being sold to the Timken Company, subject to government and regulatory approvals. Cone Drive has manufacturing operations in the US and China, a global customer base and employs some 500 people.
Since acquiring Cone Drive in 2012, the Scots group has repositioned the firm from an industrial gearing company operating largely out of North America to a globally integrated business with operations on three continents serving a wide range of precision motion control technology markets.
The firm’s acquisition of H-Fang, based in China, in 2014 is said to have marked a “key milestone” in the geographic expansion of the business, providing Cone Drive with access to the fast growing China solar and robotics markets.
CBC partner Dougie Hawkins said: “The sale of Cone Drive to Timken represents the next chapter in the rapid development of the business and we would like to wish the teams at Cone Drive and Timken the very best of success for the future.
“Over the past six years it’s been a pleasure working with Kurt Gamelin and the team at Cone Drive and we’re extremely proud of the progress the business has made under our stewardship.
“We look forward to seeing Cone Drive continue to innovate and develop over the coming years.”
William Blair acted as exclusive financial advisor to CBC for the transaction, with McGuireWoods acting as the lead lawyer for CBC. Timken has some 15,000 employees operating from 33 countries.