Deal hungry Flowtech raises £10m through share placing

West Lancashire-based technical fluid power products supplier Flowtech Fluidpower has raised £10m through a share placing, to fund future acquisitions.

The new shares will represent around 16% of the enlarged issued share capital of the company.

In January, Flowtech acquired Shropshire company HTL for £2.65m in a deal it said would boost its power motion control division, which £5.2m turnover HTL is a specialist in.

Turnover increased 20% to £53.7m, with underlying pre-tax profits of around £7m in the year ended December 31, bolstered by a string of acquisitions which are allowing it to is expand into new markets, including agriculture, railway, environmental, water, and pharmaceutical.

Zeus Capital and finnCap acted as joint bookrunners.