Stainless steel specialists 316 Engineering of Roundhouse Close, in Fengate, is looking to expand after being bought by Go2 Engineering, of Wellingborough, in Northamptonshire.
Founded 19 years ago, 316 Engineering, which employs 40 engineers, says it hopes to recruit more staff and invest in its apprenticeship scheme following the change of ownership.
The sale comes during a strong performance by 316 Engineering during the pandemic and Brexit with sales of it food processing machinery driving growth that has meant that no staff have been furloughed.
The new management team will be led by Michael Donachie, who is also general manager at Go2 Engineering Group’s steel fit-out specialist firm Tech Projects, and Clyde Stratton.
Mr Donachie said: “We’re delighted to become part of Go2 Engineering to offer our specialist skills where we can to the larger organisation on major projects and as we grow as a business in our own right.
“Brexit has not impacted us in the way that might have been expected and we’re already looking to make major investments here in machinery and personnel.
“We want to be the go-to employer in the Peterborough area for steel fabrication and expect to announce new roles in the coming weeks as well as a major investment in our vita apprenticeship programme.
“These are exciting times for the business and we look forward to the journey together.”
The privately funded deal for 316 Engineering is the eighth acquisition in recent years by the group, led by managing director Peter Dodd.
Mr Dodd said: “I am proud to be able to announce that 316 Engineering is the latest addition to the Go2 Engineering Group.
“They are a perfect fit in terms of our existing portfolio of partners which allows us to form specialist project teams, drawing on the complementary skills we have across the wider group.
“I am also especially pleased to have Michael and Clyde leading the team during this period of transition.
“They are both highly skilled engineers and leaders which is exactly what we want as 316 Engineering gears up for growth.
He added: “Our aim is to continue growing organically as a group and via further acquisitions to constantly expand our capabilities.
“We expect to announce further developments to strengthen the group’s offering in the coming months.”