INDUSTRY
Evridge Engineering Ltd was a specialist precision engineering business supplying the nuclear, defence and diesel pump industries with CNC machining, as well as tool making and other bespoke services.
After successfully scaling up their company over a number of years, the owners of Evridge Engineering were looking to exit the business. Though highly regarded in its field, the firm’s niche client base meant that the specialist nature of its services would make finding a suitable acquirer for Evridge a formidable challenge.
Avondale carried out extensive research and made discreet approaches to a number of engineering businesses. A short list of interested parties was drawn up, which led to discussions with several potential buyers. Two strong bids were made. Both offers met the owners’ financial objectives; however, it was felt that one of the bidders was better placed to harness Evridge’s long-term growth potential.
The buyers, two entrepreneurial owners of a small group of engineering-related businesses, provided assurances that Evridge would play a central role in their group’s long-term growth strategy. The fee was primarily paid as cash on completion, with a further performance-related payment to be delivered over two years. The arrangement more than satisfied Evridge’s owners, who were delighted to see the company’s future placed in such capable hands.
