One of the UK’s leading providers of autonomous transport technology solutions and a critical supplier to the automotive industry has completed its first acquisition since it floated on AIM (the Alternative Investment Market).
Aurrigo International plc, which employs 75 people across its Advanced Engineering Centre in Coventry and international offices in North America, Australia, and Singapore, has purchased Hinckley-based GB Wiring Systems as part of exciting plans to grow its auto business and support new opportunities in the aviation sector.
The £250,000 deal sees all employees and the manufacturing facility in Leicestershire become part of the expanded group, with the purchase designed to immediately enhance earnings through additional expertise and capacity in electrical wiring harnesses and assemblies.
Whilst there is no crossover of customer base, the acquisition will complement Aurrigo’s existing automotive business, allowing for improved supply chain logistics for key products, whilst also enhancing its core design and manufacturing competencies for the benefit of both its autonomous and aviation divisions.
Graham Keene, Director of Corporate Development at Aurrigo, commented: “This purchase delivers us enhanced capabilities and capacity in our core automotive area of wiring harnesses and electrical components, building on existing strong relationships with the likes of Jaguar Land Rover, Morgan Motor Company and Aston Martin.
“In addition, we will continue to leverage these capabilities to support our work in developing autonomous pods and shuttles, not to mention our rapidly growing autonomous luggage and electric tugs for use in airports all over the world.
“We have a successful track record of acquiring companies that offer synergies to our business and we look forward to integrating GB Wiring Systems into the group, ensuring continuity of service for its established customer base in the process.”
Mark Robson and Mike Francks, Directors of GB Wiring Systems, went on to add: “Aurrigo is a long-established leader in automotive electronics, and we are pleased to be joining the team.
“We are confident that our capabilities and expertise will enhance its existing offering and there will be a smooth transition for both our staff and our customers”.
Aurrigo International plc, which was founded by brothers David and Graham Keene thirty years ago, successfully raised £8m in the IPO last September.
Since then it has seen revenues reach £5.3m for the year ending December 31st and created more than 30 jobs, with a fresh recruitment drive just beginning to take the workforce past 100 for the first time in its history.
