A GLUSBURN company has been sold to a German manufacturer.

Cirteq Ltd, which makes fasteners, is now part of the international Titgemeyer group.

The lead financial advisor on the deal says he’s confident the Colne Road firm will “go from strength to strength” under the new ownership.

Cirteq – which has a 215-strong workforce and employs a further 55 people through agencies – manufactures circlips and retaining rings for various applications across several industries, including the automotive and renewable energy sectors.

The firm was established in the 1930s and went through a series of corporate ownerships, including SKF of Sweden, before being acquired by the TransTechnology Corporation in the mid-1990s.

In 2002, majority ownership and full management control was acquired by Vic Stevens and Andrew Crabtree – and the company was renamed Cirteq.

Both men were advised on the sale by the Manchester-based Camlee Group.

Its corporate finance manager, Adam Cottam, said: “Vic and Andrew were a pleasure to work with and it’s fantastic that they can realise their many years of hard work.

“I wish both them and their families the very best for the future.

“I’d also like to thank Titgemeyer and its advisory team for their professionalism throughout the process – I’m sure Cirteq will go from strength to strength under the new ownership.”

Mr Crabtree, who will remain with the business for a short time, also voices confidence about its future.

He said: “We are pleased that Cirteq, which we’ve nurtured for the past 17 years, has found a home within the Titgemeyer group and are confident that it will continue to develop in that environment.”

He thanked the Camlee Group – plus law firm Lupton Fawcett – for their guidance through the sale process.

Michele Phillips, of Lupton Fawcett, said: “I have known Vic and Andrew since 2002, when I worked on the management buyout with them.

“It has been great to see what they have achieved over the period of their ownership, and to be a part of their advisory team from beginning to end. I wish them and their families well for the future.

“It is good to see that Cirteq has joined a group of companies with expertise in the sector – which will enable both Cirteq and Titgemeyer to prosper.”