Camlee Group advise Glusburn Holdings Limited on their sale to Titgemeyer GmbH
23 Aug 2019
Camlee Group have recently acted as lead financial adviser to Glusburn Holdings Ltd, holding company of Cirteq Ltd, on its sale to German manufacturer Titgemeyer GmbH, an international fastening and transport technology company.
Based near Keighley, Yorkshire Cirteq Ltd is a leading manufacturer of precision fastener devices selling components around the world. Established in the 1930’s, the company went through a series of corporate ownerships, including SKF of Sweden, before being acquired by TransTechnology Corporation in the mid-90’s, a NYSE-quoted company. In 2002, majority ownership and full management control was acquired by Vic Stevens and Andrew Crabtree, and the company was renamed Cirteq establishing the brand name we know today. It operates out of a modern factory in Glusburn, near Keighley with 215 staff and a further 55 employed via agencies. The circlips and retaining rings it manufactures have a variety of applications across several industries including automotive and renewable energy.
Titgemeyer, with over 550 employees operating 15 sites across Europe, is headquartered in Osnabruck in Germany. Dr Joachim Sommer, CEO of Titgemeyer, led the transaction for the acquirer, assisted by Niklas Krause and Andreas Jaeger from Dusseldorf based corporate finance advisory firm Transfer Partners. Titgemeyer received legal counsel from a Shoosmiths LLP team led by Ben Turner.
The exiting shareholders Vic Stevens and Andrew Crabtree were advised by the Camlee Group.
Adam Cottam, Corporate Finance Manager at Camlee, who was lead advisor and supported by Managing Director Cameron Varley said: “Vic and Andrew were a pleasure to work with, and it’s fantastic that they can realise their many years of hard work. I wish both them and their families the very best for the future. I’d also like to take the opportunity to thank Titgemeyer and their advisory team for their professionalism shown throughout the process - I’m sure Cirteq will go from strength to strength under Titgemeyer’s ownership
Andrew, who will remain with the business for a short period of time said “We are pleased that the Cirteq business, which we have nurtured for the past seventeen years, has found a home within the Titgemeyer group and are confident that it will continue to develop within that environment. Our thanks are also due to our professional advisors, Camlee Group and Lupton Fawcett LLP, who guided the whole disposal process on our behalf
Vic and Andrew were also advised by Michele Phillips and the corporate team at Lupton Fawcett solicitors. Michele said “I have known Vic and Andrew since 2002, when I worked on the management buyout with them. It has been great to see what they have achieved over the period of their ownership, and to be a part of their advisory team from beginning to end. I wish them and their families the very best for the future. It is good to see that Cirteq has joined a group of companies with expertise in the sector, and which will enable both Cirteq and Titgemeyer to prosper.”