Pothole repair specialist Velocity has been taken over by Pearson Engineering.
The Reece Group, parent company of Newcastle-based Pearson, bought 50% of Velocity for an undisclosed seven-figure sum last year.
It has now snapped up the remaining half of the £7m turnover Velocity.
John Reece (pictured right), chairman of Reece Group, said: “We acquired 50% of Velocity last summer with a view to acquiring the remaining 50% later.
“In the meantime, our subsidiary, Pearson Engineering Services, has worked closely with the Velocity manufacturing team to make the production process ready for larger volumes.
“There is potential for significant overseas expansion. There are potholes in roads all over the world and the Velocity vehicles provide an excellent solution, particularly at a time when there is pressure on public expenditure.”
The Velocity machines can patch up to 150 potholes per day and are exported worldwide. Reece now aims to team up with partners or franchisees abroad who have specialist knowledge of their markets.
Reece Group finance director Phil Kite said: “Velocity already has vehicles in production in South Africa and the Gulf, with interest from other countries. However, in order to fulfil the potential for expansion of the overseas business, significant further funding is required.
“Therefore, it made sense for Reece Group to take full ownership and make the further investment required.”
He said that Velocity’s former owner Richard Jackson (pictured left) would continue to be involved with the business.
Velocity originally linked up with Pearson last year because it was struggling to meet demand and also wanted to take advantage of the research and development capability of the larger business.
