Tokamak Energy, the fusion technology company, has accelerated the growth and manufacturing capabilities of its TE Magnetics business with the acquisition of specialist engineering company Ridgway Machines.
Leicester-based Ridgway Machines will operate as a subsidiary of Tokamak Energy, with the existing brand, workforce and facility remaining unchanged.
TE Magnetics launched in September 2024 to focus on the industrial deployment of transformative high temperature superconductors (HTS).
Ridgway Machines, founded in 1920, develop solutions for winding and insulating superconducting magnets and cables, and will enable TE Magnetics to scale up its UK manufacturing facilities to produce commercial products fit for multiple industries.
Warrick Matthews, Tokamak Energy CEO, said: “Since launching the TE Magnetics brand, we have been successful in securing contracts for a range of HTS products and it is now time to scale up. The acquisition of Ridgway Machines, a thriving business with a highly skilled workforce, will accelerate TE Magnetics’ manufacturing method development to deliver high quality products at scale.
“Ridgway’s specialist engineering capabilities combined with TE Magnetics’ world-leading HTS design and prototyping knowledge will deliver breakthroughs in performance, efficiency, and accessibility across a wide range of industries, helping to address global challenges and accelerate the electric revolution.”
Andy Glanville, Ridgway Machines managing director, said: “Throughout our hundred-years history, Ridgway has always been forward looking. This track record means we are well suited to expansion and this new period of growth. In Tokamak Energy, we’re proud to be joining one of the UK’s most exciting technology businesses and to play our part in their ambitious and transformative plans.
“Both businesses exist to provide innovative solutions to some of the most pressing and important technological challenges the world is facing, and we can’t wait to get started on new projects together.”
Law firm Mills & Reeve advised Tokamak Energy on the acquisition. Corporate partner Ryan Hawley said: “Tokamak is a transformative company that sits at the forefront of fusion energy through its groundbreaking technology and deep scientific, engineering and commercial expertise.
“We were delighted to have advised the team on the strategic acquisition of Ridgway Machines – a move that will strengthen its proposition and cement its position as a leader in its field – both regionally, nationally and globally.”
Howes Percival’s Leicester team advised Ridgway’s shareholders Stephen Hunt and Andy Glanville on all legal aspects of the deal.
Corporate partner Gareth John said: “We are absolutely delighted for Stephen and Andy who have worked so hard to build a fantastic business. Howes Percival have worked alongside them for many years now and are very proud to be associated with the businesses.”
PKF Smith Cooper provided tax and corporate finance advice to the sellers.
