Abbey Industrial Solutions, one of the UK’s largest independent providers of industrial power tools and small plant equipment, has announced the acquisition of Preston-based industrial tool company, ATN with funding support from NatWest.
The move forms part of Abbey’s strategy to significantly grow its presence in the North West, and will see businesses in the region benefit from an expanded tooling range and service offering. This acquisition takes their turnover to in excess of £5M with the business employing 40 staff and are now undergoing a recruitment drive to grow the business even further.
Both ATN and Abbey will complement one another as they cross sell products and services to the other’s customer bases, and from October 2016, ATN will rebrand as Abbey.
The acquisition marks a period of growth for Abbey and will enable ATN’s clients to benefit from the high level of resources the business has invested in over recent years. Such as state-of-the-art service centres, ensuring high quality tool repair with fast turnaround times, strong back office infrastructure and wide choice through their best-of-breed manufacturer partnerships.
Chris Stead, Managing Director of Abbey, is delighted with the deal. He said: “I’m over the moon, with plenty of synergy between the two businesses they were a natural fit for us. What attracted us to ATN was their extremely innovative approach and strong product range. They have built an excellent reputation in the market and this acquisition provides diversification for our business and helps us to continue to build on our knowledge base. We are looking forward to combining the best of both companies to offer customers more choice and an all round better experience.”
Stephen Robinson of ATN commented: “This acquisition offers huge potential to grow and develop as part of a much larger business. We’re looking forward to working with Abbey and continuing to offer businesses in the North West best-in-class industrial power tool solutions.”
Formed in 1982, Abbey Industrial Solutions is now the largest Atlas Copco Approved Distributor in the UK, specialising in the sales and service of industrial power tool solutions.
NatWest provided funding to support the acquisition. Geoff Schofield, Senior Relationship Manager at NatWest, said: “It’s an exciting time for Abbey and ATN as they look to expand their business offerings in new markets. The management team at Abbey has a clear vision for where they want to take the business and we wish them every success for the future.”