Singaporean investment holding company Paeonia Group acquired Savant Group for an undisclosed price at the start of the month. The acquisition was made through its analytical equipment company Paeonia Industries, which is based in the United States.
Savant is a consortium of companies that have a variety of specialisms.
Ted Selby, a research scientist who started his career in General Motors’ lubricant department in the 1950s, established Savant in 1969 as an advanced lubrication technology consultancy for the automotive and oil industries.
Savant went on to include lubrication testing company Savant Labs; the precision instrument company Tannas Co.; King Refrigeration, a refrigeration innovator established in 1932; the Institute of Materials, a bespoke Lubricant testing provider; and the Centre for Quality Assurance, which develops, implements and administers licensing programs for OEM-specified materials.
Savant says the deal will help the group expand further and will allow them to retain brand identities and to remain headquartered in Midland, Michigan.
In turn, Paeonia Industries will gain greater access to the North American market, adding to its presence in the U.S., Europe, the Middle East and Asia, where it has several wholly owned entities that manufacture analytical testing instruments.
Ted Selby passed away in 2022 aged 93.