Morgan GRP invests over £1.75m in Envico Engineering

Swansea based world leaders in the design, manufacture and supply of glass reinforced polymer enclosures and steel products, Morgan GRP has acquired Envico Engineering Ltd as part of a major expansion plan.

The deal, which was in excess of £1.75m has secured 64 jobs throughout Envico Engineering’s two sites in Llansamlet and Baglan, and brings Morgan GRP’s total employment figure in excess of 200 members of staff.

The acquisition will make the combined business one of the largest regional engineering and manufacturing operations in Wales with a joint turnover of around £14m.

The deal will see the Morgan GRP consolidate its reputation as a leading supplier of GRP enclosures and steel products to the UK and Europe with a client base currently including energy giants EDF Energy, Western Power Distribution and Southern Electric.

Owner of Morgan GRP, Martyn Ingram, commented: “This acquisition says a lot about the commitment we have to drive our business forward. Even though the market has been difficult, we have made a significant investment in purchasing a stand-alone business such as Envico Engineering Ltd. Acquiring Envico Engineering will help us consolidate ourselves as one of the worldwide leaders in this field and secure a number of jobs in the region.”

Co-owner, Sue Paton added: “Morgan Marine has been engineering GRP enclosures and steel products since 1965 and is currently at the forefront of this technology. The decision to acquire Envico Engineering will help us maintain the continued success and growth of the entire Morgan Marine Group and will enable us to expand our presence across Swansea as well as our original site in Ammanford. It will also help us increase our service offering to the UK and Europe.”

Sue added: “This was a very significant deal for us and we really appreciate the role of our advisers in structuring, project managing and advising us through this process.”

Independent accountants, business consultants and tax advisors Clay Shaw Thomas, based near Bridgend, negotiated the funding and the acquisition price, completed target due diligence and designed the commercial and tax effective structures for the purchase.

Clay Shaw Thomas’ director, Gwyn Williams commented: “Bringing the newly acquired company, Envico Engineering Ltd, into the current Morgan GRP group of companies was a very rewarding deal to be involved in and our talented team has worked extremely hard to turn this around. The expertise we have within the team combined with the strength of the relationship and the resulting in-depth knowledge of Morgan GRP played a key part in ensuring a highly successful outcome for a very happy client. We wish the company every success going forward.”

Other advisors to the deal include Cardiff based legal 500 law firm, MLM Cartwright and funding was provided by Barclays Corporate.

Mick Tinning, associate at MLM Cartwright, commented: “We are delighted to have been chosen to advise and assist Morgan GRP in this acquisition which was an interesting and challenging project in such a niche industry. In the current uncertain economic climate it is exciting and refreshing to work with a client focused on growth.”

Illtyd Francis, relationship director at Barclays Corporate added: “The acquisition is the result of great vision and forward thinking and the funding we have provided will enable the company to expand in line with its future growth plans. We are delighted to provide the financial support and look forward to working with the company over the forthcoming months. It is great to demonstrate that large scale investments are still taking place, with debt funding available to the right proposition.”

Both Morgan GRP and Envico Engineering Ltd offer design and manufacturing on a specialist bespoke service basis to a range of UK and European clients. The acquired business will continue to trade as Envico Engineering, part of the Morgan GRP group of companies. The group includes Morgan Marine Ltd, PSF Wales Ltd and Envico Engineering Ltd.

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