Spring designer and manufacturer John Binns & Sons (Springs) Ltd has been acquired by French multinational CGR in an undisclosed deal.
The move means the Skipton-based firm, which was founded in 1895, has become part of CGR's £173m (€196m) metal component engineering business, which has operations in Europe, America and Asia and supplies the automotive, aviation and electronics industries. From its 27,000 sqft North Yorkshire premises John Binns produces springs and wireforms using specialist technology.
In recent years the firm has invested in new plant and equipment to support its spring production for a range of customers and is capable of small batch manufacturing as well as high volume runs of bespoke products. John Binns' management team remains in place following the deal, which establishes a UK base for CGR.
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Alex Driver, director of John Binns Springs: "For John Binns, CGR is a remarkable growth opportunity, opening up new technologies and new fields of activity. This will allow us to increase further our technical expertise, particularly with the support of the CGR R&D laboratory”.
Jean-Marie Lavirotte, business development manager at CGR, said: "JB Springs is a fantastic opportunity for CGR to establish a first base in the UK. DMH Stallard played a key role helping us to close the deal."
Jonathan Grant, partner and head of Corporate at DMH Stallard, who advised on the deal, said: "CGR is a great client to work with and we enjoyed helping deliver this deal for them. In challenging times for many businesses, it is good to see a French business broadening its international network into England."
CGR was advised by law firm DMH Stallard, and tax advisor Russ Cahill. The sellers were advised by Squire Patton Boggs, and corporate finance specialists Mazars. Financing was provided by BNP Paribas and Credit Agricole.
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