Takeover secures jobs at tube bending firm
The jobs of the 19-strong workforce at a tube bending firm in Walsall have been secured in a takeover by the Arc specialist engineering group.
The owners of the firm wanted to sell up in order to focus on their other business interests, and Arc has bought the firm for an undiscolosed sum.
Based on the Maple Leaf Industrial Estate, TBF International works on tube bending, forming and fabrications.
It will now give the Arc Group's Luton-based subsidiary Toolspec access to new products and customers while TBF is expected to benefit as being part of a larger group.
Arc Group chief executive, Andrew Richardson said: "We are very focused on making acquisitions in the manufacturing sector and are delighted to have completed this transaction. Our subsidiary Toolspec has traded very successfully since the creation of the Arc Group in April 2013 with strong double digit revenue growth in the first 12 months of trading.
"Working alongside TBF, with its diverse customers and products and its high quality team will further enhance Toolspec's growth opportunities."
One of TBF's exiting shareholders, Adam Bradley, added: "My brother and I are delighted with Arc's acquisition of TBF. We wanted to sell our shareholding in TBF in order to focus on our other business interests.
"Our primary concern was job security for our 19 staff and in Arc, we believe we have found the ideal owner to take TBF to the next level."
Arc Specialist Engineering was created last March to acquire trading assets from the Metalrax group, which had entered administration.
Metalrax, which made consumer durables such as kitchenware as well as its specialist engineering work for clients such as JCB, Caterpillar and Jaguar Land Rover, had been hit by tough trading particularly after the loss of a major contract to supply cookware to supermarket chain Morrisons.
Arc took over Cooper Coated Coil in Wednesfield, Toolspec and Weston Body Hardware, as well at US-based Post Glover Lifelink.
In the latest acquisition, Arc was advised by John Heaton at Brierley Hill law firm Higgs & Sons and the vendors were advised by Clare Lang at George Green LLP, in Cradley Heath.
