A Greater Manchester-based manufacturer of lighting and electronic control systems has been bought by a private equity-backed company in the US.
BMAC, which operates out of Audenshaw and specialises in road and rail products, has been purchased by Grakon. The Seattle-headquartered buyer is owned by private equity firm Industrial Growth Partners.
Grakon acquired BMAC with the support of additional equity from the Industrial Growth Partners IV fund, management and certain outside investors.
Mark Rutherford, managing director of BMAC, said: "We are very excited to be joining forces with Grakon. The global footprint, combined with world-leading design and development capabilities, will help us to better serve our rail and bus customers with access to the latest technology supported by a truly global supply chain."
Dave Paborsky, Grakon president and chief executive, said: "We are very pleased to bring BMAC into the Grakon family. BMAC immediately gives us a leadership position in the UK rail and bus markets.
"The acquisition accelerates our continued growth in Europe and further diversifies and broadens the end markets we serve."
According to its most recent set of accounts, BMAC posted pre-tax profits of £708,000 on a £4.8m turnover for the 15 months to 31 December 2015. The company had an average of 30 staff during the period.