Sheffield manufacturer acquisition backed by Barclays’ £500m Northern Powerhouse Fund
Sheffield firm OSL Cutting Technologies has announced its acquisition of a manufacturer based in the city.
The company, part of the £30m-turnover OSL Group, snapped up Universal Drilling with financial support from the Barclays Northern Powerhouse Fund.
Established in 2015, OSL Cutting makes and distributes magnetic drills, annular cutters and hole-cutting tools to a global client base.
Its brands include Rotabroach, GJ Halls, Taylor & Jones and Powerbor.
OSL group managing director Mathew Grey said: “The acquisition of Universal Drilling further strengthens OSL Cutting Technologies position as a world class manufacturer of cutting tools.
“Universal has a fantastic reputation both nationally and internationally and will allow us to grow our presence in a variety of markets.”
He continued: “The new funding, offered by Barclays, has not only supported us to complete on the acquisition but also provided us with the confidence to increase our overseas business, which is crucial for our ongoing expansion plans.
“It represents our continued belief and investment in Sheffield and as an employer we are wedded to the heritage of its manufacturing excellence.”
Barclays’ £500m Northern Powerhouse Growth Fund was established to inject investment in the businesses of the North ranging from startups with high growth potential to established businesses with ambitious growth plans.
Matthew Chenery, relationship director at Barclays, put together the funding package for the deal.
He commented: “OSL is a great example of a thriving business that is expanding for the future and contributing to the local economy.
“The new funding from our Northern Powerhouse fund will enable the company to reach new markets, increase overseas trade and we’re delighted to be able to support OSL with their growth ambitions.”
The OSL Group employs more than 200 people.