An engineering firm has continued its growth with the acquisition of a neighbouring business.
Middlesbrough-based Avenium Engineering has acquired S R Engineering, based on Queensway in the town.
Avenium provides engineered solutions for the oil and gas, petrochemical, processing, and energy industries across the world.
S R Engineering, which was founded in 1990, provides precision engineering services and products across a range of heavy industry sectors.
Avenium managing director Greg Hynes said: “S R Engineering is a great strategic fit with Avenium Engineering as it not only expands our product and service offering, it also integrates services into Avenium that otherwise would have been outsourced.
“Steve and the team at S R Engineering are testament to what can be achieved by continuously producing a high-quality service from a very competitive cost base.
“They have grown a very solid and successful engineering company, and I am very much looking forward to developing the business in the future.
“I’m confident that the growth of both organisations will help to cement Teesside’s reputation as the one of the UK’s leading industry hubs.
Finance director David Wilson, of Darlington-based Clive Owen LLP, introduced Steve Rusinek, of S R Engineering, to Greg after holding retirement discussions with him over the future of the business. David previously acted for Greg during the management buyout of Avenium.
“I was delighted to act for Steve on the successful sale of his business to Avenium Engineering,” he said.
Steve, who will remain with the business as a consultant, added: “Greg has some fantastic ideas for expanding both businesses and I am looking forward to working with him.”
Legal services for the deal were provided by TBI and Jacksons Law.