Magma Group, a consulting company chaired by ex-Ford of Europe boss Martin Leach, has acquired Menard Engineering Limited (MEL) in a move designed to bolster Magma’s capabilities.
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The unit will be renamed UltraMotive.
Martin Leach said: “Our strategy is to provide end to end capability in product development from the creation of initial ideas right through to launch in order to support a wide range of automotive businesses.
“UltraMotive possesses unique experience across all aspects of automotive product development. We are acquiring state of the art facilities and impressive skills all located in a secure environment.”
In a statement, Magma said that it is developing three initial business units: Magma Technology (of which UltraMotive will form a part); Magma Executive Strategy (which is already providing high level consulting to the industry) and Magma Innovation (which is described as a technology incubator).
Martin Leach added in a statement: “The MEL deal is an important step for us, further expanding our automotive and transport industry capability. It will doubtless be followed by other deals in the future. The automotive industry worldwide is undergoing huge changes and faces significant challenges. We believe Magma is well placed to make a real contribution in this fast changing landscape, and we anticipate substantial growth for the UltraMotive business.”
Lindsay Watson, Managing Director of MEL and now of UltraMotive, commenting on the acquisition, said today: “I am really delighted about this news. It provides a strong foundation for the business moving forward and I have no doubt that having access to the vast experience of Martin Leach and his team at Magma will be a significant factor in our future growth and development.”
London-based Magma Group was set up in 2005 ‘to address issues in the automotive sector caused by rapidly changing global competitive situations and unprecedented market conditions’.
Magma advised GAZ Group on its recent acquisition of LDV and also was the lead Automotive advisor for Shanghai Automotive (SAIC) in their negotiations concerning the sale of assets of the MG Rover Group last year. The company says that it ‘is currently advising on a number of other potential acquisitions in the industry both in the UK and overseas’.
Martin Leach is chairman of Magma Group. He is also Vice Chairman of GAZ Group and CEO of GAZ International which recently acquired the UK freight van manufacturer LDV where he is also chairman.
