Hose manufacturer snapped up by German buyer
A SPECIALIST manufacturer of composite hoses – whose products are used to refuel Formula 1 racing cars – has been sold to a German industrial firm.
Dantec Hose, based at Moreton on the Wirral, has been acquired by Hambury company Elaflex-Gummi Ehlers, representing a successful exit for its private equity backer Maven Capital Partners.
New owner Elaflex has more than 450 staff and is a major player in the refuelling equipment sector.
Maven, which has been invested in Dantec since September 2011, generated a 2.1x total return for its clients. The sale represents Maven’s sixth profitable exit from its private equity portfolio in the past six months. Financial terms were not disclosed.
Under its ownership Maven has supported the Dantec management team in a geographical and sectoral expansion and also overseen a a number of financial and operational improvements at the £6m turnover company.
Founded in 1969, Dantec is regarded as a leading manufacturer of composite hoses for bespoke petrochemical, marine and industrial applications. Around 70% of Dantec’s turnover is from overseas with products sold to over 50 countries worldwide.
Ryan Bevington, investment director at Maven’s Manchester office said: “We have enjoyed working with the Dantec management team who have worked hard to grow the business in the period since our investment.
“Elaflex are both a supplier and customer to Dantec so a strong working relationship has been built between the two businesses, and importantly Elaflex hold similar long term ambitions to the Dantec management team which was instrumental in delivering the deal.”
John Laidlaw, managing director of Dantec said: “Maven have been entirely supportive of Dantec and the management team during our time together. We found them to be supportive of our goals, aims and aspirations, and as we always felt that our next step would be a trade exit Ryan and the team were sympathetic towards our desire to find such a buyer who could match our long term ambitions whilst safeguarding the existing company structure.”
Maven and Dantec were advised by Giles Chesher and Jeremy Thompson at Squire Patton Boggs in Manchester, and Elaflex were advised by Adrian Rogers of Brabners.
