Stroud tooling solutions company CR Hollands Industrial Supplies has bought one of its competitors.
The business based in Bath Road has merged with family-run Concept Tooling (UK) Limited.
Founder of the Bicester based business Jerry Ballinger and staff member Harry Ballinger have both being brought over to join the Gloucestershire team.
Founded in 1975 the CR Hollands operates across the UK providing cutting and other specialist engineering tools.
The acquisition gives the business access to a much broader range of products and suppliers, as well as a larger and complementary customer base.
South West accountancy firm and business advisers Westcotts led the acquisition with its corporate finance team acting as the lead adviser.
Paul Hollands, managing director of CR Hollands Industrial Supplies, said: “The brief I gave Westcotts was to provide me with targeted and clear advice to enable my team to complete the transaction in a timely fashion, with key risks adequately mitigated.
“The Westcotts team performed admirably, and they have helped CR Hollands achieve an important strategic goal. I want to thank them for their diligence and professionalism throughout.”
He added: “We very much look forward to working with Jerry and Harry Ballinger, as we continue to grow market share and deliver fantastic customer service to all of our stakeholders.
Alison Watts, partner at Westcotts, said: “The acquisition demonstrates that despite various headwinds in the general economy, when the right strategic acquisition arises, there is still clear commercial benefit from undertaking this type of M&A activity.
“We wish the teams at both Concept Tooling (UK) Limited and CR Hollands every success as they move forward together.”