The Leicestershire based Nylacast has acquired subsea engineering firm Supergrip.
Nylacast Group specialises in the design, development and supply of precision engineered polymer solutions.
The company employs over 400 staff at its headquarters.
Group services a global market through its two divisions; Nylacast Automotive and Nylacast Engineered Products.
Specifically, the acquisition will see Supergrip become a wholly-owned subsidiary of Nylacast Engineered Products, whilst preserving its independence.
Gordon Conlon, ddirector at Supergrip, said:
“Darren and myself are proud of what we have achieved at Supergrip since the rebranding in January 2015.
“We have seen significant growth in the business and the company is becoming known in the industry for delivering innovative, high-quality solutions.
“However, we were also aware that we had reached a point where we would need additional support to grow the company further.
“This is an incredibly exciting time and with an already huge synergy between both companies, this will help drive our growth further.
The investment will enable us to offer increased support to our clients and allow us to develop alternative markets to increase demand for our products.”
Mussa Mahomed, Nylacast Group CEO, also said:
“The acquisition brings together two successful, engineering-led, companies.
“We are looking forward to working with Gordon, Darren, and the team at Supergrip to assist the company in reaching its obvious potential.”