6 April 2020
We would like to reassure customers that it’s business as usual at Cove Industries as we continue to support key medical, defence and security requirements through this difficult time.
We are uniquely positioned to undertake virtually all processes in-house from sheet metal manufacture right through to plating, painting, silk-screening and full electronic box build. This means that we are very much self-sufficient and resilient, whereas normal supply chains are coming under pressure and finding it increasingly difficult to operate.
We have been approached by an existing key customer, a prime defence contractor, to support the government’s Ventilator Challenge to help manufacture the extra 30,000 desperately needed ventilators that will enable our NHS to save lives. We are proud that our business capabilities enable us to support our customers and the NHS at this difficult time, and we are ready to support any other manufacturers of ventilators who may need additional outsourced capacity.
Having been acquired by the Captec Group in February 2019, we have strong financial backing together with considerable additional resource available to be deployed at short notice to fulfil projects of any size.
The safety of our dedicated staff is paramount at this time as we continue to provide essential services to the industry. We have robust distancing measures in place to ensure we minimise the risk to staff, as well as flexible split shift working hours, home working and a strict sanitisation regime.
At this difficult time, we assure you that we are well placed to continue to support critical projects and are taking every precaution to maintain a safe continuity of service.
Please stay safe and support our amazing NHS.
10 June 2019
We are pleased to announce that we have been fully acquired by the Captec Group.
Our retiring founder and CEO, Gordon Day, has built up the business since 1963 and has been looking for a safe pair of hands to secure the future of the company and its staff. We have been working closely with Captec for nearly a decade, supplying finished sheet metal enclosures and racks to support Captec’s integration in complex projects for the defence and medical industries.
Both companies share the same values and complement each other’s capabilities through an increasingly common customer base, particularly in aerospace and defence. Leveraging Captec’s broader market positioning, we can now extend our manufacturing services into new sectors including automation, communications, energy, healthcare, leisure and transport.
As a result of the acquisition, our business will have access to larger working capital, enabling us to expand and invest to drive new growth. Customer opportunities we were previously unable to engage with due to our size or capacity will now be within reach through the support of the Captec Group.
The acquisition is for 100% of the share capital, including the Cove factory in Farnborough, safeguarding all staff positions from apprentices through to senior management, as well as offering future career opportunities.
From an organisational perspective our management structures and processes will also be strengthened as they become aligned with those of a medium-sized business. Cove will live on, grow and expand but with a renewed mission.
Gordon Day, CEO, said:
“We have been helping businesses bring products to life for over 56 years. We are confident that the Captec acquisition provides the security to our staff, customers and suppliers that not only will we keep going, but we will continue to grow as a one-stop-shop for all design, build, electromechanical assembly, paint and silkscreen requirements.”
Max Toti, Founder and CEO, Captec Group, said:
“We are delighted to add Cove to our expanding group. We have had a long standing relationship with Cove as a strategic supplier and look forward to developing and leveraging its capabilities and potential even further in line with our IPO strategy to expand through both organic and acquisitive growth.”
Phill Gower, Managing Director, said:
“Having been at Cove since 1986, worked my way up to Managing Director and been involved in the stewardship of the company, I am looking forward to being part of the next phase of Cove’s history.
We have been punching above our weight for some time now and the Captec acquisition will really allow us to push out our chest and become a commercially viable supplier for larger opportunities within the defence and aerospace primes.”
For more information about Captec Group, please visit captec-group.com.