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The Corporate Finance Guide  Insider ranks…

A manufacturer of water booster products has been purchased by a pump servicing and distribution company.

Flowtech Water Solutions Holdings Ltd in Wigan, which trades as Flowtech, and its subsidiary Flowtech Water Solutions, supply a range of products. These include water boosting equipment, pressurisation units, valves and filtration equipment for customers across the UK in a range of commercial markets. 

It employs 25 staff and has an approximate turnover of £4m.

The companies have been purchased by PumpServ, based in Surrey, in a deal which is expected to provide accelerated growth through partnership working within the sector.

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.

The corporate finance and transaction tax team at accountancy and business advisory firm MHA Moore and Smalley advised Flowtech on the deal.

Martin 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, said: "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."

MHA Moore and Smalley's advisory team was led by Ian Waddingham. Taxation advice was provided by Rachel Marsdin and Richard Hall provided accountancy support. David Filmer, partner at Forbes Solicitors, provided legal advice to the shareholders.

The buyer was advised by Legal Clarity and Elsburys Accountants.

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."

David Filmer, partner at Forbes Solicitors added: "Flowtech is a brilliant example of an entrepreneurial business which has gone for growth and attracted a high-quality buyer in PumpServ. This will position the business for its next phase of expansion and we look forward to seeing what Martin, Paul and team go on to achieve."

Ben Butler, Digital Staff Writer T: 0161 907 9743 E: ben.butler@newsco.com

Adrian Simcox, Sales Director T: 0161 907 9745 E: adrian.simcox@newsco.com

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