Altec Engineering is an engineering solutions provider based in County Durham. The business received a £6m investment from BGF to support its buy and build strategy and organic growth.
Altec Engineering designs and manufactures special purpose equipment and high precision CNC components for the automotive, aerospace, mining, defence and oil & gas sectors.
BGF's long-term growth capital investment has so far supported the acquisition of Ronco Engineering and Sigma Technologies. Founded in 1992, Ronco Engineering provides CNC manufactured parts to customers such as Caterpillar and JCB. It is based in Tanfield, County Durham. Altec acquired Yorkshire-based Sigma Technologies in November 2014. The business has also acquired a further 10,000 sqft factory space adjacent to its existing facilities to meet future investment plans and house a specialist training area.
Altec Engineering is led CEO Alastair Waite, who acquired a majority stake in the business from his father. You can read Alastair's story in Expansion and Acquisitions for Altec Engineering.
The company plans to continue to scale-up its business through accelerating its organic growth plans and the delivery of new value-added services such as specialist coatings and through further strategic acquisitions.
David Bailey, former vice president of Parker Hannifin Europe, was appointed to the role of non-executive chairman following an introduction made by BGF.