Sheffield-based Preformed specialises in making coils used in motors and generators across a variety of industries.
It has been sold by Welsh company Deritend Industries and will now become part of the electric machines group which Clyde Blowers is building up.
In January last year Mr McColl's company made its first move into that area when it snapped up Dunfermline power generation and motor company Parsons Peebles.
While Preformed is already a supplier to its new stablemate it will continue to work with businesses across various sectors.
Clyde Blowers, which has its headquarters in East Kilbride, has indicated it intends to invest in the facilities of Preformed in the coming months which may also lead to more jobs being created. The company employs 35 people at the moment.
Its most recently available annual accounts, covering 2012, show it had a turnover of £3.2 million and pre-tax profit of £117,000.
A spokesman for Clyde Blowers Capital said it was confident of the potential in the electric machines segment.
He indicated Parsons Peebles has seen rapid growth in its aftermarket and servicing sales, particularly from operators in the North Sea oil and gas industry.
Now the deal for Preformed gives Clyde Blowers control over another component supplier.
Clyde Blowers also has interests in David Brown Gears, Moventas, Cone Drive, Hydreco, InterBulk and Clyde Bergemann.