UK mid-cap investor August Equity has paid Barclays Ventures £37m for Accura Support Services, a company which provides components for the oil & gas and aerospace sectors.
The deal will see Accura chairman Peter Andrews sell his stake in the business alongside Barclays, which acquired the company in 2005 in a £11.9m transaction from Nova Capital.
August has made an early move of bringing in Simon Armstrong as chairman. August and Armstrong have worked together on two previous deals: InterMed Holdings and Rixonway Kitchens.
Sam Watkinson, the partner at August who led the deal, said: “Accura has an excellent reputation amongst customers who associate Accura with high quality performance and delivery on short lead times. The deal presents us with an opportunity to back a proven management team in a growing sector, and we are looking forward to working with the management team in continuing its growth.”