Edwards bought by Cartalex in growth plan
Led by Ben Carter (pictured) and David Alexander, Cartalex has been established as an acquisition vehicle to buy engineering firms with a track record of growth and technical expertise.
A number of private investors have acquired equity in Edwards, with banking facilities provided by Barclays Bank.
Lyn Calder, of accountancy firm Johnston Carmichael, advised on the transaction and is now reviewing the market for other potential acquisition targets to be added to the Edwards Engineering stable.
The company was established in 1969 and has delivered projects spanning the food and drink, manufacturing, infrastructure and architectural sectors. The company also has experience in the agricultural, malting and whisky sectors.
Mr Carter said the management team is targeting a 20% increase on the current £5.5 million turnover.
He said: “Edwards Engineering marks the first step in a very exciting plan for the next few years, and we’re very confident that, by focusing on our customers, the business has a lot of potential to be a real engine of growth across the wider group.
“We’re investing in developing relationships across a number of sectors where Edwards has delivered excellent work in the past, and where we think there are opportunities to do more for our customers.
“By targeting a number of other strategic acquisitions to augment and complement our existing capability, we believe we can create a compelling proposition in a market where quality is absolutely critical.”
Ms Calder said: “Engineering is a sector where Scottish firms can rightly claim a world-class track record, and this deal provides Edwards Engineering with a renewed purpose under the new owners to build on the impressive success the business has achieved to date.
“The investment plans in place for the next few years provide an exciting narrative for a team which has strong ambitions to create a very competitive and expert business in the Scottish engineering market.”