Panoramic Growth Equity (“Panoramic”), the leading equity investor in fast growing, entrepreneurial companies, today announced that it has supported its portfolio company, Gearing Up, in its acquisition of the Langstone Group. Additional funding for the transaction was provided by Arbuthnot Bank, the existing banking partner of Gearing Up.
Gearing Up (trading as Precision Technologies), based in Tamworth, is a UK based manufacturer of precision cut & ground gears, splines, threads and gauges, which are used in the world’s most demanding and high profile industries. The Langstone Group is based in Portsmouth and has over 20 years’ experience in mould tools, precision engineering and design. Specialising in 5-axis machining with a team of around 45 engineers, they serve customers in F1, motorsport, aerospace & marine amongst other sectors.
The combined group will benefit from expanded capacities and technical abilities to allow it to service current and future customers of both companies while maintaining the quality and service levels that are the ethos of the combined group. The acquisition doubles the size of the group.
Malcolm Kpedekpo, partner at Panoramic, commented: “With the addition of Langstone to the Gearing Up group, the next chapter of growth for the Group begins. We have been looking at acquisitions for the last couple of years and Langstone stood out as a well-run business, exceptionally well invested and with complimentary capabilities”.
Managing Director James Nicklin commented “I am delighted to have completed this transaction and to bring Langstone into the Gearing Up group. The additional capacity and capabilities that Langstone brings enhances the Group significantly and I look forward to working with Gary Hart and his team as we move forward and build on the success to date”.
Panoramic’s investment into Gearing Up was led by partner Malcolm Kpedekpo and supported by Investment Manager Katie Leitch. Panoramic was advised by David Kirchin and Michael Flett of lawyers Addleshaw Goddard.
Gearing Up was advised by Greig Williamson and Zoe Fowlie of Vialex, Crowe UK LLP provided Financial Due Diligence through Andy Kay and Chasz Coulsting. Insurance Due Diligence was provided by Bernard Dunn and Douglas Lapsley at TL Dallas.
Bank Funding was provided by Arbuthnot Commercial Asset Based Lending, led by Chris Richards and advised by DHM Stallard.
Langstone was advised by Andrew Lock and Craig Hewitt-Dutton of Lock Dutton Corporate Finance and Blake Morgan.