Turbocharger company acquired by US firm
US firm Wabtec Corporation has acquired Melett, a Yorkshire-headquarted leader in the design, manufactur and supply of turbochargers and replacement parts to the turbocharger aftermarket.
Melett, based in Barnsley, has a turnover of £30m and employs 240 staff across UK, Europe, North America and China. It is recognised as a high-quality supply partner by turbocharger repairers and remanufacturers in more than 100 countries around the world.
Wabtec is a global provider of technology-based products and services for freight rail, passenger transit and other industrial segments and has revenues of £30bn.
Raymond T. Betler, Wabtec’s president and chief executive officer, said: “Melett complements both our overall turbocharger strategy and our product portfolio through its globally recognized brand and comprehensive aftermarket solutions.
“It provides our existing turbocharger business with an extensive and low-cost manufacturing and distribution base in Europe and China. This acquisition represents an excellent strategic fit that expands our aftermarket presence and provides direct access to key international markets.”
Ian Warhurst, owner of Melett, will continue as managing director of the company. He said: “I am very proud of what we have created at Melett over the past 15 years. The company has been built on strong engineering principles, and a key to Melett’s success has been working closely with our customers and suppliers to understand what the market requires, both now and in the future.
“Becoming a part of the Wabtec Corporation will allow us to take Melett to the next level, and fully exploit opportunities within both new and existing market sectors. Wabtec’s ethos mirrors that of Melett and it will be exciting to explore potential development prospects with our sister companies within the Wabtec Turbocharger business unit.”
Walker Morris LLP were advisers to the Mellet. The team was John Hamer, Oliver Duke, Adrian Moss (all corporate), Alan Harper, (IP), Sarah Bruce, (Tax), Richard Brearley (Real Estate), Andrew Rayment (Employment).
Park Place Corporate Finance provided corporate finance advice to the sellers and the team was Ben Peacock, David Hardless and Richard Firth.
Peacock added: “Melett is a truly international business and the leading premium brand in the turbocharger aftermarket. Having made significant investment in the business and with favourable underlying market dynamics, the shareholders had the full spectrum of value realisation options available to them.
“After exploring the various options, the decision was taken to sell the business to Wabtec which was identified as a strategic purchaser of the business.”
