Now Flowtech swoops for Gloucester firm in £4.1m deal
West Lancashire-based technical fluid power products supplier Flowtech Fluidpower has continued with its strategy of multiple acquisitions by swooping for Gloucester company Group HES with a £4.1m deal.
AIM-listed Flowtech has bought a network of HES branches in Birmingham, Durham, Gloucester and Leeds which have a total headcount of 89 people.
The business operates under five trading brands – Hydraulic Equipment Supermarkets; Branch Hydraulic Systems, and more recently established specialist distributor brands in HES Tractec, HES Lubemec and HES Automatec.
Skelmersdale-headquartered Flowtech said the deal further strengthens its Power Motion Control division.
HES will operate within the PMC division and continue to be managed by the current senior management team.
Previous owner and managing director Stuart Diesel, who has been with the business for more than 20 years, will remain with the HES business during a transition period, and in 2018 he will then take up a new role as divisional managing director – onsite services.
Flowtech chief executive Sean Fennon said: “HES adds new brands and sectors to our portfolio; it also gives us the opportunity to build our fourth leg in technical maintenance which enhances our overall service offering to our customer network.
“This move clearly reinforces our ongoing strategy to develop a focused fluid power group that serves a wide number of industry sectors, allowing a de-risking of some of the cyclic nature of the business.”
