Gabbro Precision is targeting new opportunities in the oil and gas sector after acquiring a fine tolerance precision engineering group Midland Precision.
Sheffield-based Gabbro, which changed its name from the Materials Advantage Group last year, paid £10 million for Leicester-based Midland.
Gabbro’s finance director, Phil Barker, said Midland was a high quality business that would add to the group’s precision engineering capabilities, which were in increasing demand in the oil and gas sector.
The Gabbro Precision group supplies metals and components to companies exploring for and extracting gas and oil and is backed by Baird Capital Partners Europe and Yorkshire Bank.
Subsidiaries include Ancon Special Alloy Steels, Engineering Special Steels, Sheffield Deep Bore, Nexus Precision Engineering and MAG Asia.
Ancon Special Alloy Steels, based in Rotherham, and Engineering Special Steels, based at Gabbro’s Victoria Works headquarters, in Catley Road, Darnall, supply durable corrosion and wear resistant steels for use in hostile environments.
Sheffield Deep Bore, also based at Victoria Works, provides specialist machining expertise to the oil and gas exploration sector. Nexus Precision Engineering, in Scotland, and MAG Asia, in Malaysia, provide turnkey solutions and precision finished components for oil and gas exploration.