Bristol-based Leviathan Engineering has bought a majority shareholding in Exeter parts manufacturer UK Precision (UKP) for an undisclosed sum.
UKP, based at Exeter Airport Business Park, supplies machinery components for firms in industries such as motorsport, medical, marine, defence and rail.
It marks the second acquisition within the subcontract engineering sector for Leviathan this year, following its deal for Plymouth’s GMD Eurotool in February.
The group is pursuing a “buy and build” strategy as it looks to forge a wider, integrated engineering group headquartered in Bristol.
Following the agreement, Andrew Warren - previously UKP’s managing director - will continue to be a shareholder in the company. Leviathan said it would bring “additional expertise” to develop the business, supplementing the skills of the established onsite management team.
Mr Warren said: “We’re very pleased to see UKP joining the Leviathan Group and look forward to handing over and seeing the business continue to grow”.
Leviathan’s chief executive Glenn Karlsson and and the firm’s chief financial officer David Sneddon are supported by engineering and manufacturing experts Barry Debenham and Kevin Parkin.
The company said its expansion plans are focused on “premium value and growth sectors” where various engineering services can be shared to address larger, "more technical" projects.
In a post on its Linkedin page, Leviathan thanked funders and professional partners with SME Capital, law firm Harrison Clark Rickerbys and Deloitte for “strongly supporting” the acquisition.
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