A Leicestershire engineering company has been acquired by a Surrey based designer and manufacturer of optical and digital instruments.
Milturn Precision Engineering, in Hinckley, has been bought by Vision Engineering of Woking for an undisclosed sum.
The Guildford office of top 10 accountancy firm Azets advised Vision Engineering – a world leader in ergonomic microscopy, digital 3D visualisation and metrology solutions – on the purchase.
The Azets Corporate Finance team, led by corporate finance director Chris Brazier, has also been retained by Vision to advise on further potential acquisitions.
Vision Engineering, founded in 1958 and based in Galileo Drive, Send, sought the acquisition as part of a plan to build its global position.
Milturn Precision Engineering was established in 2001 and is one of the first UK firms to achieve the internationally recognised ISO 9001 2015 standard of quality.
It has 21 production staff and specialises in components including high performance lens cases for the optical, movie and camera industries, marine and automotive engineering and high-end shop and hotel fitting. It also has an anodising facility to improve the quality and durability of finished components.
Vision Engineering chief executive Mark Curtis said: “The strategic acquisition of Milturn Precision Engineering strengthens Vision Engineering’s global manufacturing capability
“It improves our ability to deliver high quality precision manufactured parts, assemblies, and finished products to existing and new customers.
“It also consolidates our manufacturing services division with substantial high-end milling, turning, anodising skills and experience.
“Chris Brazier, Ed Hulbert and the team at Azets provided us with invaluable insight into the financial history and structure of Milturn, a small, privately-owned and run 21-year-old company which manufactures highest quality components.
“The painstaking and thorough due diligence that the Azets team carried out was critical. Chris and team played the leading role in negotiating the acquisition, reporting regularly to the Vision board and allowing the project to be brought to a successful conclusion.”
Azets, a regional accountancy and specialist business advisor to SMEs, provided acquisition advisory support to Vision from the early stages of the deal and undertook financial and tax due diligence.
Chris Brazier said: “We were honoured to have been able to support Vision on this transaction, building on the close relationship we have developed with the company’s leadership team over a number of years.
“I am confident that with such a good team at the helm, both Milturn and the wider Vision Group will continue to go from strength to strength.”
