29 Oct 2020
Sale of TPG Engineering Ltd.
tpgroup, the providers of mission-critical solutions for a more secure world, has agreed to sell its Manchester-based subsidiary, TPG Engineering Ltd. to Rcapital. This follows a strategic Board review of the Group’s engineering capabilities in relation to its wider strategy. TPG Engineering is a leading designer and manufacturer of large, high-integrity gas and fluid management equipment, principally for the oil and gas market.
The Board believes that the sale will maximise shareholder value by allowing tpgroup to focus on its strategy to deliver high-technology consulting, digital solutions and bespoke engineering solutions to critical programmes in the global space, defence and energy sectors. These include the continuing work on clean energy solutions, carbon capture and hydrogen fueling systems at the Gas Technology Centre in Portsmouth.
The sale will also benefit the TPG Engineering business and its staff by repositioning them in a portfolio of companies which will allow them to focus on maximising their specific capabilities and market position. Rcapital provides private investment, commercial expertise and hands-on support to transform and grow businesses. Working together with management teams, Rcapital focusses on driving performance and delivering results.
“This agreement with Rcapital means that TPG Engineering and its staff have a good opportunity to build upon their core strengths and relationships in the oil and gas sector alongside like-minded businesses in Rcapital’s portfolio, and we wish the team in Dukinfield every success in their new venture with their new owners.”Phil Cartmell, tpgroup’s Chief Executive Officer
“We are excited about the opportunity that this acquisition brings. Whilst the business’s core markets have been impacted by Covid-19, the business has solid fundamentals, built on quality products and high levels of customer service. This acquisition complements other investments in the Rcapital portfolio, which will help support the management team, who are motivated to drive the business forward.”Chris Campbell, Partner at Rcapital