Astec Precision (“Astec”) is a leading sub-contract manufacturer of miniature precision machined parts. Based in Cumbria, the business supplies parts from 0.2mm to 32mm in diameter for demanding end markets such as interconnect, aerospace and oil & gas.
Business development during Nevis ownership
In 2015, Nevis acquired a majority stake in Astec Precision from founder and owner Peter Smith. Peter was looking to realise some of the value that he had created in the business and for support to help the business grow.
We have worked with the team at Astec to develop the business. To date, this has included:
Achievement of the AS9100 accreditation – the global quality standard for aerospace manufacturing.
Investment in new machines and automated technologies to increase capacity by 60%.
Transition to a broader management team and structure.
Recruitment of new Managing Director, introduction of multiple shifts and increase in total staff numbers of c300%.
The introduction of a new shop floor data collection system.
A move to a new facility which increased our manufacturing space from 8,000 to 28,000 sq ft, providing us with the capacity to grow.
New sales and marketing focus including website and rebranding.
Establishment of successful apprenticeship programme and internal training academy.
Increased turnover by more than 100%
“Nevis were straight-forward and easy to deal with over the course of the deal – they did what they said they would when they said they would. They’ve supported me and the team with investment and advice as we look to grow the business further.”
Peter Smith, previous owner and Managing Director