Wright Industries, the technology investment group specialising in business acquisition, investment and growth, has acquired Accura Engineering Ltd.
The deal sees the Chief Executive of Wright Industries, Craig Wright, buy back and return to the organisation 20 years after he held the position of Group Chief Executive at Accura from 1998 – 2001.
Operating across three manufacturing sites in the West Midlands with a turnover of £9m and 95 employees who will continue to work alongside Accura’s long-standing Managing Director, Mike Richards, in the delivery of first class manufacturing skills and equipment.
Since starting Wright Industries from his own resources in 2011, Craig Wright’s entrepreneurial approach has created a group of companies with sales of £35m and £5m EBITDA.
Such rapid growth has been achieved through investment in a number of light industrial technology and engineering businesses as part of a strategy to establish the UK’s leading electro mechanical engineering services group.
Craig Wright commented: “Accura is a well-respected brand name in the region, dedicated to engineering and manufacturing products that meet the needs of some of the world’s most demanding industries. As such, it is now the lead investment for our precision technologies strategy alongside our electronics technologies investments, which have been marketed under the “Connexion” brand to date.
“Our operational management model is geared towards adding value to businesses whose customers are seeking technically demanding engineering solutions for their world class, high reliability products alongside skilled and dependable manufacturing capability. Our focus is to be their first choice when outsourcing, thereby we invest in innovation, process technology and people across an ever-increasing design, component sourcing and manufacturing process capability, seeking to ensure the lowest total cost of our rapidly growing customer bases’ product build.
“Naturally, Accura fits perfectly within Wright Industries’ portfolio and our team is delighted to be working in partnership with Mike Richards and the highly experienced management based in the Midlands to deliver continuous improvements for the benefit of all stakeholders.”
Wright Industries has a strategy to identify and acquire its investments from owner manager, Plcs, venture capitalists and banks in particularly complex stakeholder or financial structuring situations with a view to achieving long-term stability and driving significant profitability and growth.
The legal team at Gateley Plc advised Wright Industries on the acquisition, with HSBC providing finance. Other consultants advising the vendors on the deal included Grant Thornton and Addleshaws.
Grant Thornton advisory partner, Eddie Williams, said: “I am absolutely delighted with the sale of Accura Engineering. Throughout the process, Wright Industries and Craig Wright consistently demonstrated a deep knowledge of the business and its potential. It was clear from the outset that that they would be the ideal owner, as part of the wider group.”