A manufacturer of industrial and rugged computer hardware has been acquired for £3m.
Melksham-based Westek Technology – a leading provider of rugged, high-performance computer servers and ancillary equipment for military and industrial customers – has been acquired by Farnborough-based specialist services and engineering company TP Group plc.
Westek directors Harry Hunter and Nick Wilson will remain with the business for an agreed transition period and continue to lead activities and operations from the Melksham facility.
Westek was advised by FRP Advisory LLP in Bristol.
Mr Hunter said: “It was important to us that we not only received offers that reflected the true value of Westek, but also that the purchaser was able to realise the significant growth potential of the business.
"The support offered by FRP Advisory was fundamental to this and we’re looking forward to working with TP Group to expand our reach in the UK and abroad, providing current employees with a greater opportunity for development as part of the enlarged group.”
Alex Sargeant, associate director at FRP Advisory, added: “We worked closely with Harry and Nick at Westek Technology to ensure that the company’s continued growth and future potential was reflected in the offers received.
"Identifying TP Group as a great strategic partner was key to our role and I’m delighted that we have identified a buyer that will accelerate the business’ development in the future.
"There are clear synergies between TP Group and Westek Technology and we’re pleased to have found a solution that delivers value for shareholders and will enable the business to continue to prosper.”
Phil Cartmell, chief executive officer of TP Group, added: "We are delighted to welcome Westek into the Group, and to continue our growth in high-technology packaged systems and equipment.
“The Westek team complement our existing activities in complex, rugged equipment, yet in a different application area and with different customers.
"By integrating Westek into the Group, I believe we can add significantly to their outreach and accelerate their growth whilst they contribute to the overall success of the Group.
“We are also pleased that the existing directors, Harry and Nick, will stay with the business post-acquisition to work closely with us in delivering a number of current and new projects across the whole business.”