Manufacturer makes £35m disposal
Avingtrans, which designs, manufactures and supplies original equipment to the energy and medical sectors, has sold its Peter Brotherhood division to Howden for £35m.
The company, which has several operations across the West Midlands, said that at the time of acquisition, Peter Brotherhood was in difficulty but it implemented a rapid programme of restructuring and strategy reset, leading to successful recovery and increased value.
Following its sale to Howden, which is a global leader in air and gas handling products, Avingtrans will retain ownership of its three core divisions; engineered pumps and motors, process solutions and rotating equipment, medical and industrial imaging.
Steve McQuillan, CEO of Avingtrans, said: “It’s great to see this project come full circle and with such a successful outcome, enabling us to reinvest in our remaining divisions and look for even more opportunities in the market.
“We are also delighted that the sale unites the Peter Brotherhood team with Howden Group, another great British engineering company.”
Keith Spedding, partner and business transaction and growth specialist at Shakespeare Martineau, led the deal.
He said: “This is another great success story from our long-term client Avingtrans – it demonstrates the huge potential of businesses that have the right strategy, investment and expertise behind them. Supporting Avingtrans’ successful buying of underperforming assets, rebuilding them and selling them on is exciting to be involved in.”
Surinderpal Matharu, Mamoona Aslam and Tomas Castka of KPMG Corporate Finance and Transaction Services also advised Avingtrans on the deal.
Matharu added: “This deal reflects the strong interest which remains for UK industrial assets and Howden is an ideal partner to help to support Peter Brotherhood’s international growth plans going forward.”
GCA Altium provided financial advisory to Howden.