A Sheffield-based manufacturer has acquired a counterpart with financial support from the Barclays Northern Powerhouse Fund.
OSL Cutting Technologies, formed in 2015 and part of the wider OSL Group, has acquired Universal Drilling, which is also based in Sheffield.
Mathew Grey, group managing director, said: “The acquisition of Universal Drilling further strengthens OSL Cutting Technologies position as a world class manufacturer of cutting tools. Universal has a fantastic reputation both nationally and internationally and will allow us to grow our presence in a variety of markets.
“The new funding, offered by Barclays, has not only supported us to complete on the acquisition but also provided us with the confidence to increase our overseas business, which is crucial for our ongoing expansion plans. It represents our continued belief and investment in Sheffield and as an employer we are wedded to the heritage of its manufacturing excellence.”
OSL Cutting Technologies manufactures and distributes magnetic drills, annular cutters and hole cutting tools to a global market. Its brands includes Rotabroach, GJ Halls, Powerbor and Taylor & Jones.
Matthew Chenery, Barclays relationship director put together the funding package for the deal. He added: “OSL is a great example of a thriving business that is expanding for the future and contributing to the local economy. The new funding from our Northern Powerhouse fund will enable the company to reach new markets, increase overseas trade and we’re delighted to be able to support OSL with their growth ambitions.”
The OSL Group employs more than 200 people with turnover expected to exceed £30m for 2019.