Ronco Engineering Limited acquired by local rival
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KBS Corporate can announce the sale of County Durham-based Ronco Engineering Limited to Altec Engineering for an undisclosed value.
Ronco Engineering is a successful CNC precision engineering company specialising in high volume sliding head, precision CNC turning and milling manufacturing solutions. The company has substantial experience and a proven track record in providing its national and international client base with sub-contract material process handling and KAN-BAN delivery scheduling.
The acquirer, Altec Engineering, also operates out of County Durham providing full engineering contract support for Mechanical & Electrical Engineering, CNC Precision Machining and Special Purpose Machine Design & Build, to a wide range of industries.
The acquisition fits in line with Altec’s buy and build strategy of local engineering companies, and managed to secure significant external funding to pursue this strategy.
3 separate parties expressed their interest in acquiring Ronco with 3 bids received. Altec’s final offer represented a 20% increase on the first bid received.
Guy Haynes, Senior Deal Executive at KBS Corporate managed the deal through to completion and commented: “This represents an ideal solution for all parties involved. Ronco is a growing business with exciting new contracts with blue-chip companies which should provide significant growth in the coming year.
“There are many shared values between the buyer and seller and the fact that the business will remain local was an important factor in concluding a successful transaction.
“We wish Bill well with his retirement, and Graham, Paul Alistair and the team at Altec the very best for the future.”
The business will continue to operate from its current site and all staff, including the 2 remaining shareholders, will remain with the business.