A Barnsley-based manufacturer has expanded it’s operation after acquiring another business in the same sector.
Thornhill Heat Exchangers Limited, which makes gaskets for heat exchangers, announced the acquisition of Warwickshire-based Universal Heat Transfer, with funding from Barclays.
The firm, founded in 1988 and based in Grimethorpe, now employs 155 people with the acquisition and turnover for the newly enlarged group is expected to reach £12 million this year.
Mike Thornhill, chief executive, said: “We’ve been looking to expand the business for some time now and with low interest rates and a more stable economic outlook we felt the time was right to invest.
“Universal Heat Transfer operates in the same sector and provides the opportunity for growth into a new market.
“The deal with Barclays provided a suite of products which will provide the flexibility for future growth and we have also been supported by Finance Yorkshire with additional funding to support our future growth.”
Matthew Chenery, relationship director at Barclays, said: “This is a strategically important acquisition for Mike and his team and the investment for the future reflects the improving confidence which we are seeing across South Yorkshire entrepreneurs. We wish Mike and his team every success as he continues to develop and grow his business and look forward to supporting him going forward.”
Karl Hodson, Finance Yorkshire’s investment manager, said: “Our funding will provide additional working capital to enable the growth of the enlarged business.”