Southampton: Specialist engineering firm acquired by German business
Designer and manufacturer of high-pressure fuel injection pipes, Giro Engineering, has been acquired by global engine and turbine management specialist HEINZMANN in a deal supported by specialist business advisory firm FRP.
FRP’s corporate finance team advised Southampton-based Giro on the deal, which will enable the business to benefit from HEINZMANN’s global reach. Giro will continue to operate as a standalone business and expects to promote its bespoke diesel engine fuel injection pipes to a range of new international markets. The deal will also provide the opportunity for Schönau-headquartered HEINZMANN to expand its product range.
With the acquisition of Giro Engineering, HEINZMANN will now manufacture the full range of components in its Common Rail Fuel Injection System in-house.
Dani Patel and Joel Coulson of FRP’s corporate finance team advised Giro’s shareholders on the deal, securing an equity sale. Giro’s Ann Thomas is set to retire following the acquisition while Craig Parker will continue in his current role as director of the business.
Founded in 1980, Giro Engineering products are trusted by many of the world’s premier engine builders. Meanwhile, HEINZMANN boasts more than 100 years of expertise providing diesel engine technology and control solutions to businesses in the industrial sector.
Craig Parker, director at Giro Engineering, said: “Right from the start of this process, the continuing support and success of our customers, and the well-being of our employees, have been a critical element in our choice of purchaser. We believe that HEINZMANN is a superb company with a well-matched culture and ethos which will herald an exceptional future for us both. We have very much enjoyed working with the team at FRP during this process and their skill and commitment to delivering what was a mutually beneficial deal for all involved was key.”
Dani Patel, corporate finance manager at FRP in London, said: “We continue to see that European buyers have an appetite to invest in dynamic British businesses. Giro and HEINZMANN operate in a specialist market where significant value can be achieved through strategic acquisitions. Both businesses have clear synergies which will provide opportunities for further growth. We wish them every success for the future.”
Markus Gromer, CEO of the HEINZMANN Group, said: “HEINZMANN consistently pursues the strategy of being a provider of comprehensive, high-quality Common Rail Systems.”