Agricultural parts supplier Spaldings has been bought by leading Japanese investment company Marubeni Corporation.

Marubeni secured a majority controlling interest in the Lincolnshire business for an undisclosed sum last Friday (27 April).

Spaldings chief executive David Fox said the company would retain its existing brand and management team, but the deal would allow it to expand both its domestic and international business in the future.

“For now, it’s very much a settling down period and business as usual. The opportunity to become part of a worldwide operation such as Marubeni is tremendously exciting and they recognise the strength of our brand.

“With their infrastructure, resources and knowledge the future for the Spaldings business and opportunities to grow both organically and via acquisition will only be enhanced.”

Spaldings currently serves 38,000 agricultural and 6,000 groundcare customers in the UK and Ireland, with a turnover of £24m.