Member News
An engineering group has been created with investment backing and the acquisition of a Washington-based firm.
County Durham-based Dyer Engineering has formed SST Group following £1.625 million in equity funding from NPIF II – Maven Equity Finance and the Finance Durham Fund, both managed by Maven Capital Partners.
As part of the move, SST Group has bought Q-Laser, bringing its 30 employees into the new structure, which now has a combined workforce of more than 200 employees.
The new group will be led by Dyer’s directors, with Richard Bradley – recently named among The Manufacturer’s Top 100 leaders and innovators – taking the role of chief executive.
Adam Leggett, Dyer’s managing director, will step into the position of chief operating officer, while also sitting on the SST board alongside Graeme Parkins and newly appointed non-executive chair Paul Mankin.
Richard said: “The group has been created out of the success and momentum of our business, with a vision to bring together regional engineering companies that offer complementary services and share a common commitment to innovation, technology and sustainability.
“Creating SST Group gives us access to greater stability, shared resources and broader opportunities for collaboration and growth.
“It strengthens our platform for long-term investment and helps secure a more sustainable future for the business and our people.
“Smarter Stronger Together are the guiding principles that define how we operate and interact with the world and, as such, was the perfect choice for the name of our new group.
“Serving as our core DNA, they shape our culture, drive our decision making and unite us in our shared purpose.”
Dyer and Q-Laser will continue to operate as individual businesses under the SST Group umbrella, but with shared investment, strategic direction and collaboration to drive growth.
Dyer currently records a turnover of £17 million and Q-Laser £3.3 million, giving SST a combined revenue base of more than £20 million.
Bosses say the investment will support future organic growth, with plans in place to strengthen global partnerships, expand the workforce and invest in new machinery.
Richard added: “I’m delighted by the immediate acquisition of Q-Laser, which brings over a decade of expertise in laser cutting, press braking, waterjet cutting and fabrication.
“The company has a formidable reputation across the North East for precision, quality and service.
“This acquisition represents a significant step in expanding our regional presence and we are delighted to welcome Q-Laser on board.”
Colin Hewitt, managing director of Q-Laser, added: “Leading Q-Laser Ltd. has been one of the most rewarding chapters of my professional life.
“I am incredibly proud of what our team has achieved – from the projects we’ve delivered to the strong relationships we’ve built with our customers and partners.
“None of it would have been possible without the dedication and passion of the entire Q-Laser team and the trust our customers have placed in us over the past 13 years as an individual company.
“As we join the SST Group family, I feel a deep sense of excitement for what lies ahead.
“SST shares our commitment to excellence, innovation and customer care.
“I’m confident this next chapter will unlock even greater opportunities not only for our technology and products, but also for our people.”
SST Group was supported by UNW, who provided financial due diligence services, with legal advice delivered by Square One Law.
Q-Laser was represented by accountants Clive Owen and lawyers Hay & Kilner.
Michael Vassallo, investment partner at Maven Capital Partners, added: “Maven first backed Dyer in 2019, providing both capital and strategic expertise to accelerate growth and support long-term value creation.
“We’re delighted to support the newly created SST Group in its ambitious future plans.
“With an experienced leadership team, a strong company culture and a clear strategic vision, SST Group is well positioned for growth, and the funding injection will help support high-quality jobs and strengthen the manufacturing sector in the region.”
Sarah Newbould, senior investment manager at British Business Bank, added: “With a strong track record across both businesses, NPIF II is providing SST Group with the firepower needed to continue growing organically over the next few years.
“Manufacturing and engineering are integral parts of not just the North East’s regional economy, but also of our national economy, so it’s important that NPIF II continues to back these businesses and unlock growth across the UK.”
