Sheffield based OSL Cutting Technologies has today announced the acquisition of a further Sheffield manufacturing firm, Universal Drilling, with the financial support of the Barclays Northern Powerhouse Fund.
Formed in 2015 and part of the wider OSL Group, OSL Cutting Technologies manufacture and distribute magnetic drills, annular cutters and hole cutting tools to a global market. The family of brands includes Rotabroach, GJ Halls, Powerbor and Taylor & Jones.
Mathew Grey, Group Managing Director 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. 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.”
The £500m Northern Powerhouse Growth Fund was established to inject investment into businesses across the north of England and is intended for SMEs across the Northern Powerhouse region, including: established businesses with ambitious growth plans, start-ups with high growth potential, companies with early-stage equity funding and businesses focusing on innovation, R&D and technology.
The OSL Group employs over 200 people and turnover is expected to exceed £30million for 2019.
Matthew Chenery, Barclays Relationship Director put together the funding package for the deal and said: “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.”