Barclays Ventures has acquired Accura Support Services from Nova Capital Management for £11.9 million in a buy-in management buy-out.
The West Midlandsbased provider of outsourced engineering services with a turnover of £23 million employs nearly 300 people at factories in Wolverhampton, Stoke-onTrent, Pershore and Willenhall. It also has a factory in Rotherham.
Accura operates as two divisions - supply chain services (SCS) and technical contract services (TCS).
Within SCS, under the Linvic Engineering and Concept Steels brands, the company supplies flanges, pipes and related ancillaries primarily to the oil and gas markets.
Within TCS, the company works on long-term outsourced machining contracts for high-value, low-volume components for the off-highway vehicles, mining and aerospace markets.
Overall, there are six companies within the group - Accura BD, Accura Geneva, Geometric Form Tools, Linvic Engineering, Concept Steels and Accura Pipefittings. Under the deal, Peter Andrews, former chairman of Syl-tone and Sterling Fluid Systems, joins as executive chairman.
The incumbent management team is David Gould-i ngay, group finance director, Alan Smith, Linvic Engineering managing director, Ian Austin, Concept Steels managing director, Ray Bennett, Accura BD managing director, Keith Jones, Accura Geneva managing director and Mike Richards, Geometric Form Tools managing director, who all become shareholders in the business.
Also joining the board are Simon Smith, former chief executive of investment business Springboard, and Mike Williams, former managing director of Manganese Bronze.
Barclays Ventures has invested £3.5 million in return for a significant equity stake in the company with senior debt and working capital facilities provided by Bank of Scot-land Corporate.
Mr Andrews said: "I am excited by the prospect of leading Accura forward through the next stages of its development."