Dyer forms SST Group on back of £1.6m investment

A COUNTY Durham engineering company has created a new group and made its first acquisition on the back of a £1.6m funding deal.

- COREENA FORD Business writer [e-mail]

Stanley-based Dyer has established SST Group, a new engineering group owned and led by its directors.

The investment has come from NPIF II - Maven Equity Finance, which is part of the Northern Powerhouse Investment Fund II and the Finance Durham Fund, established by Durham County Council and overseen by Business Durham. Both of the funds are managed by Maven Capital Partners.

The group has struck its first acquisition deal, snapping up Washington-based Q-Laser and its 30-strong team, which will join Dyer as part of the SST Group. The investment from NPIF II - Maven Equity Finance will be used to support future growth of both Dyer, which has a current turnover of £17m, and Q-Laser, which has sales of £3.3m.

Richard Bradley will be chief executive of SST Group, while Adam Leggett, managing director of Dyer, will become chief operating officer of SST Group.