A merger of two Midland aluminium die-casters to create the biggest company of its kind in Britain has been described as a "marriage made in heaven".
Staffordshire-based JV Murcott & Sons has joined forces with Metal Castings of Worcester to create a company with a combined turnover of £35 million.
The deal was agreed between JV Murcott and New York-based Marathon Asset Management, which bought Metal Castings out of administration earlier this month.
JV Murcott, based in Tamworth, was seeking a partner to expand while Metal Castings, was seeking a management team.
Under the deal, Marathon will have 60 per cent of the equity, but the cousins Robert Murcott, Wayne Murcott and Karl Murcott will be the joint managing directors and have 51 per cent of the voting rights.
The new business, which will be known as JVM Castings, will consist of two operating companies - JVM Castings (Tamworth)and JVM Castings (Worcester). JV Murcott was founded in 1929 and is managed by the third generation of the Murcott family.
The company employs 150 people at its Tamworth plant.
Metal Castings, an aluminium die-casting company based in Worcester, employs 240 people.
Both companies produce aluminium parts for the auto-motive industry, but also supply parts to white goods manufacturers.
The merged businesses will form the largest aluminium pressure die-casting company in the UK with 50 die-casting machines with capacities from 80 tonnes to 2,700 tonnes.
It has the capability to manufacture aluminium diecastings varying in weight from a few grams to 40 kilo-grams, supplying both batch and mass production volumes.
Rob Murcott, joint managing director of the new company, said: "We were looking to expand and they were looking for a management team; that's how it came about.
"It was a case of we were a management team seeking money and they were a money team seeking management, so it really is a marriage made it heaven.
"We have been looking to expand by setting up a joint venture in Asia, but we were just too small as we were.
"Now we cover the complete spectrum of aluminium diecasting; we have got the biggest machines and the smallest machines, so we can meet all the customers requirements for different sized parts at all levels of production from small volumes to medium, large and ultra high volumes," he added.
Mr Murcott said Marathon Asset Management was in for the long haul and would be lending financial support to grow the new merged company organically and by acquisition with the aim of creating the pre-eminent aluminium diecasting business in Europe.
A substantial war-chest had been set aside for acquisitions with possible purchases planned for later this year.
He said: "There is going to be investment and we are going to be looking at acquisitions.
"We've got to get out there and grow; we want to be a big beast in a small pond.
"With the backing of Marathon Asset Management, the merger represents a wonderful opportunity to act as a consolidator in what remains a fragmented industry.
"JVM and Metal Castings have had an excellent working relationship since the late 1980s, when the companies collaborated on the design, development and supply of the K bearing ladder for MG Rover.
"The size and financial strength of the new entity will provide stability and certainty to our core customer base," he added.
Birmingham law firm Wragge & Co advised on the deal with Andrew Lawton Smith leading the team.