London investment company acquires majority stake in North East engineering firm

A North East engineering company has announced that a London investment company has acquired a majority stake.

Ignite Growth, an investor in fast-growing companies, has purchased a majority stake in Gateshead precision engineering firm Newcastle Tool & Gauge for an undisclosed amount.

As part of the investment, a new managing director and chairman will be joining the business to work with current shareholder Charlie Sampy to build on NTG’s reputation.

All other employees and members of the team will remain in place and continue to manage the business.

NTG was advised by Clive Owen Corporate Finance in Darlington and Ignite was advised by KPMG Corporate Finance in Newcastle.

Mike Hutchinson, managing director at Newcastle Tool & Gauge, commented: “We think Charlie, Brian and Joan (current shareholders) have built a terrific business.

“They have invested heavily in the factory capabilities over many years and created a strong culture for NTG’s highly skilled and committed workforce.

“The business has shown incredible resilience through the Covid pandemic.

“We look forward to working with Charlie to build on this and develop a business development capability which allows us to bring NTG’s incredible quality products and service ethic to a wider customer base across the UK.

“We expect to create significant job opportunities in the North East as NTG grows.”

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