Gresham tees up £40m Flowtech exit

GRESHAM Private Equity is close to its second exit in four months with the £40m float of Skelmersdale-based Flowtech Fluidpower.

The distributor of hydraulic and pneumatic products is set to list on the Alternative Investment Market on May 21.

Gresham bought the business, which has 150 staff and sales of around £27m, in 2004. Its interest is held by Barrington House Nominees Ltd which is selling all its shares at £1 each.

It follows Gresham’s exit from the shoe manufacturer and retailer Hotter, also based in Skelmersdale, in a sale to Electra Partners.

Gresham is understood to be aiming to to return capital to investors before launching a new fund of between £150m-£200m to target firms with an enterprise value of up to £50m.

Manchester-based Zeus capital is the nominated adviser and broker on the Flowtech offer, according to a stock market statement.