Royston firm Thermal Engineering sold for £22million
PUBLISHED: 10:19 16 December 2013 | UPDATED: 10:19 16 December 2013
It's business as usual at a Royston firm after it was the subject of £22million buy-out.
Thermal Engineering, which supplies specialist components for the aerospace industry, has been sold by its owners, Privet Capital, to Senior PLC, an international manufacturing firm based in Rickmansworth.
The Orchard Road-based company, which employs 250 people, said no jobs would be affected by the news.
Vardhan Rajkumar, outgoing Chairman of Thermal Engineering, said: “The acquisition by Senior offers Thermal a unique opportunity to continue to deliver growth and operate largely as it has done over the past three years, whilst benefitting from being part of a larger group. I am confident that it will grow from strength to strength as part of Senior.”
Privet brought Thermal Engineering in 2010, and oversaw a restructuring of the firm’s finances. In the 2012 financial year it turned a profit of £1.6million.