MHA Moore and Smalley has advised Wigan-based water booster manufacturer, Flowtech, on its acquisition by a pump servicing and distribution company based in the South East of England.
Flowtech Water Solutions Holdings Ltd, which trades as Flowtech, and its subsidiary Flowtech Water Solutions, have been purchased by PumpServ in a deal which is expected to provide accelerated growth through the partnership.
Flowtech supplies a range of products including water boosting equipment, pressurisation units, valves and filtration equipment in a range of commercial markets, and employs around 25 staff with a turnover of around £4m.
The corporate finance and transaction tax team at MHA Moore and Smalley advised Flowtech on the deal, with its advisory team led by Ian Waddingham. Taxation advice was provided by Rachel Marsdin and Richard Hall provided accountancy support.
Ian Waddingham, associate director, MHA Moore and Smalley, said: “Flowtech Water Solutions is a well-established business with a strong customer base and will make an excellent addition to PumpServ’s family of companies as it looks to the next stage of its growth over the coming years.
“We’re pleased to have advised on this deal and to help secure an excellent result for both parties. We thank both Flowtech and PumpServ for their co-operative and open approach through the transaction process.”
Andrew Leech, managing director, Flowtech, will retire, while Martin Donaldson, managing director, and Paul Havard, business development director, will continue to operate the Flowtech Water Solutions brand within the PumpServ group.
Donaldson said: “I am extremely excited about the growth and opportunities this merger will bring to the business. The addition of Flowtech Water Solutions into the PumpServ family aligns perfectly with our ambitions to grow the business and enhance our reputation as a truly specialised pump engineering company.
“With the exception of the management team, there will be no changes to the existing structure at this time.”
Matt Magee, chief executive, PumpServ, added: “The obvious synergies between PumpServ and Flowtech will accelerate our growth plans and we are tremendously excited about the opportunities this acquisition will bring to both businesses.”
David Filmer, partner at Forbes Solicitors, provided legal advice to the shareholders. The buyers were advised by Legal Clarity and Elsburys Accountants.