CIM completes growth investment in City Engineering
For Immediate Distribution.
15 September 2015
CIM is very pleased to announce the completion of its investment in City Engineering by Cyrus Secured Loans Precision Engineering EIS Fund 1.
City Engineering is an approved supplier to some of the industry leading companies in the Aircraft, Space and Defence, Oil & Gas industries. The business is also an accredited participant in the ‘Fit for Nuclear Programme’ which aims to ensure that the UK supply chain will be ready to cope with the requirements of the prospective nuclear new-build.
City Engineering was founded by Mr T. E. Davies in 1947 as a fabricator and sheet metal working business servicing local engineering companies in the Bristol area, such as ‘Bristol Aircraft Company’ and ‘Westinghouse’. The business prospered and in 1958 moved into a purpose built factory in Fishponds, Bristol, in which the business remains to this day.
In the late 1970s City Engineering became one of the first businesses in the UK to install ‘Computer Numerical Control (CNC)’ technology and moved to the forefront of the application of this sophisticated technology. Under the direction of Mr Davies’s son, Robert Davies Phd. the new CNC technology was used to to expand City Engineering’s capabilities during the construction boom of the 1980’s. City Engineering rapidly became a national supplier of bespoke architectural pressings and fabrications for high-tech commercial developers.
In the early 1990’s, City Engineering diversified into laser technology as one of the first companies in the region to adopt precision laser cutting to sheet metal cutting and welding. The new technology yielded huge benefits in efficiency, quality and precision. City Engineering further diversified by gaining the very demanding AS 9100 rev C accreditation for Aircraft, Space & Defence industries. The business went on to become a key supplier to many of the preeminent manufacturers in these industries as well as the leading companies in the telecoms and oil and gas industries.
CIM, having completed extensive due diligence recognised the extraordinary pedigree and potential of the business and made a growth investment in City Engineering on 1st September 2015. All the labour force has been retained and CIM will expand the business’s loyal customer base through the injection of new capital, products, and senior management. Dr Davies has been re-instated as Chairman of City Engineering following his retirement in 2013.
Ian Watkins, Chief Investment Officer of Cyrus Investment Management comments ” We are delighted to have completed this investment in a strategic supplier to the UK’s Aircraft, Defence and Oil and Gas Industries. City Engineering remains at the forefront of precision engineering solutions for these industries and with its advanced engineering capabilities and expanding customer base we look forward to a period of sustained growth over the next three years.”
For further information on the investment please contact:
Head of Investor Relations
Cyrus Investment Management LLP
33 St. James’s Square
London, SW1Y 4JS
Tel: 0207 451 4596