Middlesbrough-based Avenium Engineering has completed the acquisition of one of its counterparts as part of continued plans for growth.
S R Engineering, which was founded in 1990, provides precision engineering services and products across a range of heavy industry sectors.
Avenium, which specialises in the supply of process plant equipment and services, completed the deal after managing director Greg Hynes was introduced to S R’s Steve Rusinek by Clive Owen corporate finance director David Wilson.
Wilson previously acted for Hynes during the management buyout of Avenium.
“S R Engineering is a great strategic fit with Avenium Engineering as it not only expands our product and service offering, it also integrates services into Avenium that otherwise would have been outsourced.
“They have grown a very solid and successful engineering company, and I am very much looking forward to developing the business in the future.
I’m confident that the growth of both organisations will help to cement Teesside’s reputation as the one of the UK’s leading industry hubs.”
“As a valued client of our firm, we look forward to working with Greg and the Avenium team in this exciting stage in their ongoing development.”
Now that the deal is completed, Rusinek will remain at S R Engineering as a consultant.
“As soon as I met Greg, I knew that our business ethos and philosophy were a perfect fit.
We both place a great deal of importance on the local supply chain and local employees, and in ensuring our customers receive the best possible service and products.
“I’d like to thank David Wilson for the initial introduction, for understanding my business and what I was hoping to do and for his excellent advice and work in helping make everything run smoothly.”
Legal services for the deal were provided by TBI and Jacksons Law.
Credit: Insider Media
By Avenium Engineering