A SOUTH CUMBRIAN firm has received a multimillion pound boost from a private equity company. 

Astec Precision has received millions of pounds from Scottish private equity firm, Nevis Capital.

The Ulverston-based company is a specialist sub-contract manufacturer of small turned components and has a strong customer base in the aerospace, electronics and oil and gas sectors. 

It has secured global customers in 14 countries including USA, China, France and Italy and has developed a strong reputation for complex components.

The company was founded in 1998 and has since grown to employ for than 20 people at its South Cumbrian site. 

During that time, Astec has thrived under the guidance of managing director, Peter Smith, who will continue to lead the business, supported by Nevis Capital and the rest of the Astec team. 

Mr Smith said: “Since founding the business in 1998, I’ve seen Astec develop into a leader in its field and that is thanks to the outstanding team of people I work with every day."

Established in 2007, Nevis Capital is a leading private equity house investing across the UK in the SME market.

The firm focuses on deals up to £10m and can boast a portfolio of companies in the industrial services and engineering sectors including Dieselec Thistle Generators, James Ramsay and Clyde Space. 

Nevis Capital also received support from Clydesdale Bank's Specialist and Acquisition Finance team to facilitate the deal.

David Henderson, regional head of specialist and acquisition finance at Clydesdale Bank, said: “With support from the team at Nevis Capital, Astec is now in a strong position to develop and expand." 

Commenting on the deal Ian Buchan, a partner at Nevis, said: “We are delighted to have invested in Astec, a business that delivers first class customer service and technical expertise. 

"We believe the business has huge potential and look forward to working with Peter to help it achieve this.

"Following two successful exits last year, we remain keen to make further investments are seeing increasing activity in the deals market.”

"We are committed to supporting successful, growing businesses.”

Mr Smith finished: 

"I believe this is the start of a new phase in the company’s growth and I’m excited at the prospect of working in partnership with Nevis to deliver it.”