Precisely the correct move
A Sunderland industrial equipment supply business is moving into a new era after being acquired by the UK’s largest plant, tool and equipment hire company.
Precision Geomatics supplies land survey, setting out, machine control and safety equipment from a range of industry-leading suppliers.
It was formed in 2004 after managing director Gwyneth Bell completed a management buy-out of the Sunderland survey centre of Japanese equipment manufacturer SOKKIA, of which she had been the regional director.
After being involved with the business for more than a quarter of a century, she has now sold Precision Geomatics to industry peer Opti-Cal Survey Equipment, a division of Ashtead Plant Hire Company Limited (A-Plant) which is in turn part of Ashtead Group plc, the second largest equipment rental group in the world.
Long-term advisor Michael Cantwell, of RMT Accountants & Business Advisors, worked with Gwyneth on the sale, while legal advice was provided by corporate partners Mark Lazenby and John Hammill and senior associate Ashraf Ali of North East commercial law firm Square One Law.
Precision Geomatics has quadrupled its workforce since the 2004 MBO, and all of the 50-strong team are staying in post under the new owners, with Carole Bookless retaining her role as general manager across the firm’s two sites.
“Precision Geomatics holds a strong position in a range of markets right across the UK, and the expertise and commitment of our staff has been the key factor in the success that the business has enjoyed over the years,” said Gwyneth.
“When we were looking at potential buyers, the way in which we felt they would look after and develop the team was our top priority, and having seen how well other companies have fared after being acquired by A-Plant, they became our preferred buyer as soon as we knew they were interested.
“The deal wasn’t the most lucrative on offer, but we knew it would be the best option for the team and future of the business, and it’s great to know everything we’ve worked for is in safe hands.”