One of Derby’s best-known engineering firms which makes and supplies components for Formula One cars has been sold.
EPM Technology, based at Westside Park, in Belmore Way, off Raynesway, has been bought by AS.G (Area Services Global). The exact cost of the deal has not been disclosed.
EPM specialises in manufacturing and supplying lightweight carbon composite components to sectors including aerospace, defence and automotive. Among its customers are a number of Formula One teams.
According to a statement released by EPM, the sale to AS.G is part of a “multi-million pound buy and build strategy”, with the deal supporting its future growth ambitions.
It said that AS.G would provide capital and a “robust management infrastructure”, while Graham Mulholland, founder and chief executive of EPM, would continue to spearhead the development of the company.
He said: “We have reached a point where EPM requires the necessary funds and the executive ability to provide a world class service to our larger aerospace and automotive customers.
“This strategic acquisition will enable the business to now break the small and medium-sized business glass ceiling.
“This will also provide a boost for our ongoing commitments to staff development, research and development and process innovations, which will continue to see EPM pioneering and leading our industry and adding value to our customers.”
Amin Amiri is the founder and chief executive of Manchester-based a2e Industries, which AS.G Group is part of.
EPM Technology’s state-of-the-art factory off Raynesway
He is a successful investor with a 15-year track record of investing in or acquiring industrial companies and significantly enhancing their fortunes.
His portfolio of investments, which are all monitored by a2e, consists of a conglomerate of industrial companies with a combined turnover and profit of circa £140 million and £17 million respectively.
Mr Amiri, who is also chief executive of AS.G Group, said “AS.G is building a dynamic engineering group of companies to service and develop opportunities in aerospace, defence and automotive markets.
“The acquisition of EPM clearly demonstrates our appetite and ability to move and grow quickly.
EPM boss Graham Mulholland said the deal was a ‘great result’ for the firm’s customers and staff
“Part of this is having the vision to support fantastic innovative companies like EPM Technology to grow and add value to its customers.”
Mr Mulholland, who founded EPM in 1996, said: “EPM Technology will continue to grow its bespoke services and proudly maintain all of its motorsport and F1 activities.
The latest business happenings in our area
“The business is best known as a F1 supplier and again having the correct financial resources to support all these activities is critical.
“This is a great result for EPM, all its customers and my team moving forward.”
This summer, the company, which employs 140 people, announced that it was shedding 16 jobs, despite having a “healthy” order book.
The firm cited “external challenges” that had resulted in the need to cut costs.
Source: Derby Telegraph