Altium steers takeover of engineering company

MANCHESTER-based investment bank Altium has advised shareholders of Steadfast Engineering Company on its sale to Marla Tube Fittings in an undisclosed deal.

Steadfast, headquartered in Hyde, Greater Manchester, delivers niche bolting products and engineering capability to the international oil and gas project market.

The firm has established itself as a successful British manufacturer, exporting goods across Europe and the Caspian Sea region.

The business achieved a turnover of £17.9m in 2015, up from £14.5m the previous year. It currently employs more than 90 staff and has operations in Aberdeen where it services the North Sea repair and maintenance.

The agreement to sell to Midlands-based Marla will see the existing founders Ken and Andrea Sharp exit the business.

Altium recently merged with GCA Savvian, advised on the sale. The transaction was led by managing director Simon Lord and assistant director Adam Sivner and supported by associate Andrew Battersby.

It is another transaction in the oil and gas sector for Altium Manchester following the £125m sale of Bifold to Rotork last year.

Sharp said: “Ken and I are incredibly proud of the business we have built over the past 40 years and believe that the business will continue to grow from strength to strength under Marla’s ownership.

“We would like to thank Altium for their fantastic work in getting this transaction over the line and we now look forward to our retirement greatly.”

Sivner added : “We are delighted to have advised Steadfast on its sale to Marla. Despite the difficult market we were able to find the right buyer for the business, as Steadfast continued to trade well during a time of low oil and gas pricing.

“Marla is now in a great position to continue its international expansion as a leading manufacturer in the oil and gas industry.”

Legal advice to Steadfast was provided by BBS Law’s Martin Caller and Elaine Hackett.

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