Morgan takeover is a glass act
Morgan GRP, a Carmarthenshire manufacturing group, has acquired Swansea rival Envico Engineering for a consideration of more than £1.75m.
Barclays backed the purchase which aims to strengthen Morgan’s position as a top maker of glass reinforced polymer structures and steel products. Morgan's products include kiosks, gatehouses, cabinets and secure buildings.
Morgan, based at Llandybie near Ammanford, will employ more than 200 staff generating a turnover of about £14m after the takeover. It will control the former Envico sites at Llansamlet, near Swansea, and Baglan, near Port Talbot.
Morgan GRP owner Martyn Ingram said: “Acquiring Envico Engineering will help us consolidate ourselves as one of the worldwide leaders in this field and secure a number of jobs in the region.”
Illtyd Francis, relationship director at Barclays Corporate, said: “The acquisition is the result of great vision and forward thinking and the funding we have provided will enable the company to expand in line with its future growth plans.”
Morgan Marine has been engineering GRP enclosures and steel products since 1965. Co-owner Sue Paton said: “The decision to acquire Envico Engineering will help us maintain the continued success and growth of the entire Morgan Marine Group and will enable us to expand our presence across Swansea as well as our original site in Ammanford. It will also help us increase our service offering to the UK and Europe.”
Morgan GRP and Envico Engineering provide design and manufacturing services to UK and European clients. The acquired business will continue to trade as Envico Engineering, part of the Morgan GRP group of companies. The group includes Morgan Marine, PSF Wales and Envico Engineering.
Morgan was advised by accountancy firm Clay Shaw Thomas and legal advice was provided by MLM Cartwright.
