Tower Growth Management LLP (TGM) has announced the acquisition of Huddersfield-based Ardor Engineering Ltd.
As a specialist in high-quality, precision-machined components, Ardor works with a variety of clients in the nuclear, oil and gas, petrochemical, power generation and defence industries.
Expert business growth consultants, TGM, manage a portfolio of companies acquired by owners who want to see their businesses reach their full potential and profitability.
The agile, trusted investment partner’s five knowledgeable Managing Partners each have their own sector of expertise. It is this collaborative, flexible approach that inspires a powerful strategic vision to drive performance excellence.
The acquisition partners plan to help develop the business by doubling the Company’s profitability through working with its existing customer-base and supplier network.
TGM is also looking to expand Ardor’s current team of 12 with the recruitment of a bookkeeper and quality engineers.
Following the acquisition there have been promotions within the business, including Dave Scholefield, who prepares to step up to operations director, and Kristopher Hallas, who has been promoted to quality, health, safety and environmental manager.
Managing Director, Michael Kilbride, and Director and Company Secretary, Judith Kilbride, came to the conclusion that after spending the best part their lives building the business, it was the right time to seek out another set of skills which would help to take the firm to the next level.
“We knew that growth would require business skills and investment, but we wanted to make sure we found the right company which would not only build on what we have achieved, but also not asset strip or eliminate the strong engineering skilled and experienced loyal team we have developed,” said Michael.
“We wanted the firm which acquired Ardor to continue our legacy with passion and commitment to the workforce, customers and suppliers.
“TGM proved to be the best. Both Judith and I felt the team had a similar ethos to ours and that the business would be in safe hands.
“The TGM team has a wide range of business skills and industry expertise that will aid in building the business for the future. The Managing Partners were down to earth, realistic and helpful in coaching us through the legalities of selling the business, which was fantastic.”
The acquisition has not only given the firm’s employees job security but has also given the business scope to expand its services and invest in new equipment.
Regional Partner of TGM Ian Rodger, who has been appointed as a director of Ardor and a member of the board, was instrumental in the acquisition process and is working closely with Dave and the firm’s employees to help the business to continue to grow.
Ian said: “We are thrilled to welcome Ardor into the TGM family and I’m really looking forward to helping the firm to grow.
“I’m incredibly excited to be working with a local firm and it’s great to see the acquisition was positively received by clients and suppliers.”
Managing partner of TGM Jon Frewin, who is a qualified chartered management accountant, has in-depth experience of working with multi-national companies dealing in multiple acquisitions.
Commenting on the acquisition, he said: “Our team’s collaborative, flexible approach inspires a powerful strategic vision which will help Ardor to grow.
“TGM’s vision is to create an engineering group and Ardor will be its foundation and the sharing of best practices will be promoted throughout the firms.”
Financial terms of the transaction have not been disclosed.