Cavan-based precision tool maker ATA has acquired businesses in the Netherlands and Britain in moves that will take its annual revenues to about €100 million and its group employee numbers to 500.
The Irish company has acquired Dutch manufacturer Van Hoorn Carbide and Industrial Tooling Corporation (ITC) in Tamworth, England. The acquisition prices were not disclosed but the businesses will add about €25 million to ATA’s annual turnover.
ATA had existing operations in Ireland, Germany, Switzerland, the UK and the US. It employs about 170 staff at its base in Cavan, where it undertakes research and development and engineering work.
These deals bring to four the number of acquisitions by ATA has completed in the past three years, including Karnasch in Germany in 2019 and the microtool manufacturing activities of Swiss-based Näpflin in 2021.
The transactions “significantly” enhance ATA’s reach and expertise in the carbide round tool market, the largest segment of the more than $20 billion global cutting tool market, the company said. Ralph Van Hoorn, managing director of Van Hoorn Carbide, and Peter Graves, managing director of ITC, will continue in their current roles and join ATA’s senior management team.
ATA chief executive Peter Cosgrove said the acquisitions would “contribute significantly” to the expansion of its product portfolio, geographic reach, manufacturing capacity and offering to customers.
“Van Hoorn Carbide and ITC are long-established, quality manufacturers of carbide round tools with strong positions in their markets. Both organisations are family-led with strong teams and have invested significantly in machining equipment and technology, ensuring that the highest quality tool production and processes are in place,” he said.
“With these most recent transactions, we continue to execute on our strategy to scale the business globally through organic growth complemented by targeted acquisitions.”
The transactions were facilitated by debt from AIB and Bank of Ireland.
Founded in 1963, ATA is a manufacturer and supplier of precision cutting tools for industrial groups globally, serving more than 7,500 customers in 90 countries. It was acquired in 2008 by Mr Cosgrove and other investors when the business had revenues of just €17 million. Its shareholders now include the management team, the Ireland Strategic Investment Fund, Development Capital Fund, and a number of other minority investors.