One of the region’s most successful industrial conglomerates has made its first acquisition since the death of its founder.

GIL Investments, an associate of Grove Industries – which was founded by celebrated businessman David Grove – has bought public transport infrastructure specialist Trueform Engineering.

Trueform, which has annual sales of £20 million and employs more than 180 people, mostly at Hayes, Middlesex and Newcastle upon Tyne, designs, manufacturs, supplies and maintains passenger shelters and their digital information systems, security products and other facilities.

The Trueform group, which also includes electronic passenger information displays specialist Ferrograph, is a major supplier to Transport for London (TfL) as well as Centro and Transport for Greater Manchester (TfGM).

Grove Industries was founded in 1991 by Mr Grove and his business partner Leszek Litwinowicz and the company and its associates already manage a portfolio of 12 privately-owned businesses with total sales in excess of £300 million and around 1,500 employees.

The organisation is now led by Mr Litwinowicz following the sudden death of Mr Grove last November and chaired by Lord Digby Jones.

Mike Gillett, managing director of another Grove Industries business, Covpress Holdings, has been appointed chairman of Trueform while Jonathan Morley, previously Trueform’s business development director, has been promoted to group managing director while the other management team members remain in post.

Richard Banham, investment director at GIL Investments, said: “Trueform is a progressive, leading edge manufacturing organisation.

“The business operates in a rapidly growing, sustainable and profitable business sector which is flying the flag for British design and manufacturing on an international scale.

“We are delighted to be working in partnership with Trueform’s management team and to support their growth and development aspirations over the long term.”

Mr Gillett added: “Trueform has provided many of the world’s largest and most successful cities and public transport networks with their supporting infrastructure and systems. The brand is highly regarded throughout the UK and in export markets including North America, Canada and the Middle East.

“The business is now well placed to improve its products and the provision of services to existing customers and continue with its global expansion plans.

“Trueform will also be continuing with the on-going development and innovation in advanced public transport technologies”.

Mr Litwinowicz said Grove Industries was continuing its successful strategy of buying into businesses for the long-term and involving management in the ownership structure while providing both a sound financial platform and management support.

“Trueform is an excellent business with strong markets and we believe that our involvement will help the management team to deliver its strategic objectives and move forward under the new ownership,” he said.

“Despite the difficult economic environment, we are still seeing a strong pipeline of opportunities to acquire good businesses across a variety of sectors.”