Belfast-based engineering group PAC has been acquired by the Watford-based investor CP Holdings.
Founded in Carrickfergus in 2018 as Process Automation & Calibration, the company now employs 65 people across its bases in Dargan and Bangor.
Comprising eight divisions, PAC Group offers a range of specialist electrical and mechanical engineering services including automation and the development of bespoke manufacturing and processing equipment to sectors such as aerospace, marine, and water treatment.
Based at a 15,000 sq ft workshop next to Belfast Harbour, the company expanded two years ago by acquiring the plant and machinery of Barbour Engineering in Bangor following its closure.
Last year saw PAC invest £1.3m into expanding its business following a number of major contract wins, including deals in the Netherlands.
The latest evolution of the business is expected to involve further growth and expansion, with the backing of CP Holdings.
“We are thrilled to enter into this new partnership with CP Holdings and look forward to exploring how we can further assist and service our loyal clients across all our divisions, as well as exploiting new growth opportunities,” said PAC Group’s managing director Gavin Rankin.
The chief executive of CP Holdings, Alexei Schreier, said: “We are very excited with our investment in PAC Group and are looking forward to supporting the management team in the next chapter of the growth story.”
Jay Singh, director of KBS Corporate Finance, who advised on the deal, said: “It was a pleasure to advise the shareholders on the transition of the business and we wish them the best of luck on their continued journey as part of the CP Holdings group.”
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