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16 March, 2022 - 09:44 By Tony Quested

US group buys C4 Carbides in power-packed deal

Ashcroft, the Cambridge advisory firm, has completed the sale of Newmarket-based C4 Carbides Limited to American business TTI Group for an undisclosed but significant sum.

C4 Carbides will sit within the Milwaukee Tool division headquartered in Wisconsin. Milwaukee Tool is a subsidiary of Techtronic Industries Co.Ltd which operates globally from Fort Worth in Texas.

Founded by Peter Nicolson and Paul Duggan in 1985, C4 Carbides originally developed and exploited innovative brazing technology and industrial applications for tungsten carbide grit. 

The company is now at the forefront of brazing technology and offers an extensive portfolio of diamond and tungsten carbide power tool accessories, including holes saws, jig saw blades and industrial band saw blades –principally for the global power tool market.

C4 operates globally and exports over 90 per cent of its output to major markets such as the US, Europe, and Asia-Pacific. In its last published accounts to December 2020, the company generated EBITDA of £2.6 million on turnover of £13.8m.

TTI Group, listed on the Stock Exchange of Hong Kong, is a world leader in power tools, accessories, hand tools and other equipment for both the DIY and professional market. The group’s brands include Milwaukee and Hoover.

The Milwaukee team will oversee the C4 business and together they will combine expertise, enhanced market knowledge, and expanded engineering and manufacturing capabilities to develop innovative new accessory solutions for end users.

Kevin Ball, Managing Director of C4 Carbides said: “We collaborated with Tom Gallop of Ashcroft in advance of the sale process starting so he had a very good understanding of our business and Milwaukee as a prospective buyer.

“We also considered London based advisors before deciding to appoint Ashcroft and this proved to be an exceptionally good decision. Tom and his team guided us through what turned out to be a challenging process providing outstanding advice and support and helping us deliver an excellent outcome for our shareholders and employees.”

Tom Gallop, Corporate Finance Partner at Ashcroft, added: “C4 is an outstanding business, based in Newmarket and operating globally at the cutting edge of manufacturing. The transaction is another superb credential for Ashcroft, following on from our record-breaking year in 2021.”

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