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Business & Economy

NTG looks to engineer fresh growth with ABS Precision deal

An engineer is eyeing expansion after completing a takeover.

NTG has bought ABS Precision.

Bosses say the deal will catalyse Team Valley-based NTG’s market presence, while bolstering Benton hydraulic bolting specialist ABS’ operations across areas including electric vehicle manufacturing.

As part of the agreement, ABS’ management team, led by managing director Chris Ainsley, will remain with the business to deliver its scale-up strategy.

NTG’s takeover was supported by investors including Ignite Growth LLP, the private equity firm that bought a majority stake in the company as part of a management buyout in early 2021.

Mike Hutchinson, managing director of NTG Holdings Limited [pictured, above, right, with Chris Ainsley], said: “The cultures within the two organisations are remarkably similar, which will ensure a smooth integration and enable us to quickly get on with scaling ABS further, while helping to further build NTG’s capabilities.

“We are looking forward to working with Chris and his team.”

Tim Nye, partner at Trowers & Hamlins, and Marc Allison, partner at Weightmans, provided legal advice to NTG, which makes components and assemblies for sectors including offshore energy, automotive and defence.

Financial due diligence was provided by Lyn Calder, partner at Anderson, Anderson & Brown.

ABS was advised by David Wilson, corporate finance director at Clive Owen LLP, with legal advice from Richard Butts, corporate partner at Ward Hadaway.

The deal comes just days after NTG announced plans to move into a nearby 45,000sq ft factory.

Officials say the plant will provide extra space for precision engineering and component assembly, and room to expand the firm’s 60-strong workforce.