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Trumeter bought out of administration

Published: 1 February 2010
Private equity firm Energize Capital has bought measuring tool manufacturer Trumeter for an undisclosed sum. The firm was placed in the hands of administrators Leonard Curtis on Friday after failing to secure a finance deal.
The Manchester-based supplier is understood to have struggled to raise the money to fund a €50m contract with a car manufacturer.

Both Trumeter chief executive Peter Weidenbaum and Energize Capital founder Jeremy Carr were unavailable for comment this morning. However, a statement from the company confirmed the deal. It also made clear that a new chief executive has already been appointed but that at this stage no one would be leaving the business.

The statement said: "Trumeter Company Ltd today (29/1/2010) announced that it has been successful in securing new investment to accelerate product development and increase production capabilities.

"The investment will enable Trumeter to complete the development of several new products and bring them quickly into production at their Factory in Malaysia.

"The investment package was put together by Warrington-based Energize Capital, along with John Smith who will join Trumeter as Chief Executive. 24 jobs will be secured at the Radcliffe site.

Mr Smith commented: "This is a very exciting day for the customers, partners and employees of Trumeter. Trumeter has a long track record of developing innovative products and working closely with its' global customers to deliver solutions to the measurement and automotive lighting markets. This investment will enable the company to commercialise several new products and increase production in Malaysia to meet our customer's needs, many of whom are enjoying significant growth right now."

"While the company now has new shareholders, I am delighted that the executive team has elected to remain with the business and drive it forward. Their experience and knowledge will be invaluable as the company moves forward into an exciting period of growth."

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