Components and seals manufacturer bought by German tech group
Lancashire-based Metflex Holding Company has been acquired by German technology group Freudenberg in a deal that will see it become part of its international Sealing Technologies division.
Founded in 1919 and based at premises in Great Harwood, Blackburn, Metflex specialises in the manufacture and supply of precision moulded components, rubber seals and diaphragm.
Its services include material development, concept planning, project management, tool prototyping and manufacturing, allowing it to make bespoke products across a diverse range of applications.
Latest accounts show the company made a pre-tax profit of £2.15m on a turnover of £11.4m for the year to the end of December 2015. IT employs around 90 staff.
Financial details of the deal were not disclosed although shareholders and directors Philip Rogerson and John Holland will leave the company while managing director Dermot McCarthy will remain, together with the current senior management team.
Headquartered in Weinheim, South West Germany, Freudenberg is a globally active group of companies that has been under family ownership since it was founded in 1849.
Its Sealing Technologies division develops products for customers across a wide variety of industries, including the auto industry, civil aviation, machine-building, ship construction, food, pharmaceuticals and the agricultural & construction equipment sectors.
Dermot McCarthy, managing director of Metflex, said: “The management team welcomes the technological expertise and solid financial strength of the Freudenberg Group and looks forward to the long-term development of the company’s products and markets with renewed energy.
Dr Mohsen Sohi, chief executiove of Freudenberg Group, said: “With this acquisition, we are strengthening our established businesses in general industry with additional innovative technical solutions.”
The management team at Metflex was supported by accountancy firm CLB Coopers, with David Travis and Rob Richardson from its corporate finance team and Rob Wardle and Simon Denye from its tax team assisting in the transaction.
Legal advice was provided to Metflex and the selling shareholders by Pinsent Masons. Spearing Waite LLP acted for Freudenberg.
