We are pleased to announce that we have been fully acquired by the Captec Group.
Our retiring founder and CEO, Gordon Day, has built up the business since 1963 and has been looking for a safe pair of hands to secure the future of the company and its staff. We have been working closely with Captec for nearly a decade, supplying finished sheet metal enclosures and racks to support Captec’s integration in complex projects for the defence and medical industries.
Both companies share the same values and complement each other’s capabilities through an increasingly common customer base, particularly in aerospace and defence. Leveraging Captec’s broader market positioning, we can now extend our manufacturing services into new sectors including automation, communications, energy, healthcare, leisure and transport.
As a result of the acquisition, our business will have access to larger working capital, enabling us to expand and invest to drive new growth. Customer opportunities we were previously unable to engage with due to our size or capacity will now be within reach through the support of the Captec Group.
The acquisition is for 100% of the share capital, including the Cove factory in Farnborough, safeguarding all staff positions from apprentices through to senior management, as well as offering future career opportunities.
From an organisational perspective our management structures and processes will also be strengthened as they become aligned with those of a medium-sized business. Cove will live on, grow and expand but with a renewed mission.
Gordon Day, CEO, said:
“We have been helping businesses bring products to life for over 56 years. We are confident that the Captec acquisition provides the security to our staff, customers and suppliers that not only will we keep going, but we will continue to grow as a one-stop-shop for all design, build, electromechanical assembly, paint and silkscreen requirements.”
Max Toti, Founder and CEO, Captec Group, said:
“We are delighted to add Cove to our expanding group. We have had a long standing relationship with Cove as a strategic supplier and look forward to developing and leveraging its capabilities and potential even further in line with our IPO strategy to expand through both organic and acquisitive growth.”
Phill Gower, Managing Director, said:
“Having first joined Cove as an apprentice 30 years ago, we have seen many changes at Cove over the years. The acquisition by Captec is an exciting development that will accelerate sustainable growth at the company. It will strengthen Cove’s ability to engage with larger opportunities within the defence and aerospace primes. I am looking forward to being part of the next phase of Cove’s history.”
It will be very much a case of ‘business as usual’. The company name, and registered number both remain unchanged, as does the banking details and supply agreements already in place.
For more information about Captec Group, please click here.