PRIVATE equity firm Nevis Capital has made a multi-million pound investment into engineering company Astec Precision.
The Cumbria business makes specialist components for sectors including aerospace, electronics and oil and gas.
Nevis, formed by brothers John and James Pirrie following the £62 million sale of LCH Generators to Speedy Hire, said it had received support from Clydesdale Bank’s specialist and acquisition finance team in the deal
Ian Buchan, partner at Nevis, said “We are delighted to have invested in Astec, a business that delivers first class customer service and technical expertise.
“We believe the business has huge potential and look forward to working with Peter to help it achieve this.
“Following two successful exits last year, we remain keen to make further investments are seeing increasing activity in the deals market.”
Astec managing director Peter Smith, who founded the company in 1998, will continue to lead the business. He said: “I believe this is the start of a new phase in the company’s growth and I’m excited at the prospect of working in partnership with Nevis to deliver it.”
Nevis also has investments in Dieselec Thistle Generators, boiler maker James Ramsay and spacecraft maker Clyde Space.
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