Perth-based Edwards Engineering has been acquired as part of plans to create a “significant” company covering engineering north and south of the border.
The firm has been bought by investment group Cartalex, which has been set up as an acquisition vehicle to buy expert engineering firms with strong potential and technical knowledge. Terms of the deal, which was funded by private investors, were not disclosed.
Lyn Calder, of accountancy firm Johnston Carmichael, advised on the transaction, and said it gives Edwards Engineering “a renewed purpose under the new owners to build on the impressive success the business has achieved to date”.
She added: “The investment plans in place for the next few years provide an exciting narrative for a team which has strong ambitions to create a very competitive and expert business in the Scottish engineering market.”
Edwards Engineering was established in 1969 and has covered sectors including food and drink, manufacturing, infrastructure and architecture as well as agriculture, malting and whisky.
Turnover was £5.5 million in its last financial year, and Ben Carter, who leads Cartalex with David Alexander, said a 20 per cent jump is targeted by the end of the next financial year.
Carter also said Edwards Engineering “marks the first step in a very exciting plan for the next few years”, adding that by targeting further strategic acquisitions, “we can create a compelling proposition in a market where quality is absolutely critical”.