Company: SMS (Salcombe) Ltd, Twisted Group
Business Type: Marine Engineering
UK & International Business Sales and M&A News
SMS (Salcombe) Ltd is a traditional marine engineering business located at Lincombe Boatyard in Salcombe, Devon, and has been acquired by the founder of the Twisted Group, Charles Fawcett, for an undisclosed sum.
Specialist agency First Peninsula Marine handled the valuation and sale of the marine engineering business.
SMS specialises in the supply, repair and maintenance of marine engines with established dealerships with Volvo Penta, Yanmar Marine and Honda Marine, as well as carrying out complete refits for yacht and motorboats, plus storage and mooring facilities.
It was founded in 2009, and was owned and operated by John and Rita Bower for the last 18 years. They are now planning their retirement, although John does not rule out a return to the industry.
John Bower commented:
“I enjoyed running the business over the years, and working with the team and loyal customer base, both locally and across the UK.
“I may get back into the marine engineering business at some point, as I’ve been involved in it for 30 years, and it’s where my interests still lie.”
John Bower - outgoing owner of SMS
The purchase precedes the launch of Twisted Marine, the new powerboat arm of the Twisted Group, next year, and will be run by Mr Fawcett and managing director Jake Cronk.
The existing team of six will remain with the company, which will be rebranded as Salcombe Marine, to help expand capability and grow the brand.
Mr Fawcett said:
“We identified the business earlier this year and recently concluded the deal.
“It provides an exciting opportunity to make this well-established business a centre of excellence for the marine industry. It also fits perfectly into our overall strategy for the Twisted Group.”
Charles Fawcett - founder of Twisted Group
Mr Cronk is a fully qualified marine engineer and member of the Institute of Mechanical Engineer who has recently worked with the Mercedes AMG Formula 1 and Formula E teams, and is looking forward to taking the new business forward.
Mr Cronk said:
“My engineering foundations were built in the marine industry so I have always had a keen interest in the sector. Also, for me Devon is where my family lives so the area is a significant factor – Salcombe is a very idyllic location.”
Jake Cronk - Managing Director of Twisted Group
Mr Bower is pleased with every aspect of the sale and sees it as a positive step for the business. His desire was to find the right buyer to continue the business, rather than having to force a retirement closure.
“I am sure the Twisted Group will have a fantastic time running it. The business is in great health and it is just what I was hoping to find.
“It is a good fit and I wish them every success for the future.”
John Bower - outgoing owner of SMS
First Peninsula Marine is a specialist business sales and acquisitions agency focused exclusively on the marine and maritime sectors. Operating nationally to provide a range of strategic advisory services to business owners, trade buyers, financial institutions and private investors. First Peninsula Marine advises on a wide range of instructions from £multimillion corporate finance backed transactions and strategic plc acquisitions to local owner-managed business sales.
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