Chinese supplier buys valve manufacturer
A NORTH West manufacturer of valves for the oil, gas and petro-chemical industries, has been bought by a Chinese company, one of its major suppliers.
HH Valves of Pemberton, Wigan, has become part of the Hangzhou Jiujiu Machinery & Equipment Co, after the sale for an undisclosed sum.
Based in Hangzhou, south of Shanghai, Jiujiu manufactures a wide range of high pressure valves and has been supplying HH Valves since 2003. The ambitious company says it is now looking for more deals on thses shores.
Owen Huang of Jiujiu said: “We now look forward to pursuing further acquisitions in the United Kingdom as part of our growth strategy. We have worked with the owners of HH Valves for many years which helped in concluding a friendly but professional acquisition.”
The corporate team at Manchester law firm Turner Parkinson advised Hangzhou Jiujiu, on the deal.
Richard Parkinson and Nicky Davies at TP led the deal. Mr Parkinson said: “The acquisition is a culmination of a longstanding trading relationship between Jiujiu and HH Valves.
“With the resources of Jiujiu behind HH Valves, they are well placed to take advantage of growth opportunities in their market and the acquisition of complementary businesses. I am sure we will see Jiujiu looking at other acquisitions in the UK and Europe.”
Wigan accountancy firm NR Barton acted for Jiujiu, whilst MSB Solicitors advised the vendors.
