Nautic Steels snapped up by Malaysian conglomerate
TAMWORTH-based Nautic Steels, one of the world’s leading manufacturers of pipe fittings and flanges for the offshore industry, has been sold to a Malaysian based corporation.
Founded in 1978 by director Bob Andrews, Nautic Steels’ products are extensively used for sea water systems including process cooling, fire water applications and desalination plants.The company has been sold to Malaysian conglomerate Pantech Group Holdings for an undisclosed sum.
Nautic employs around 70 people at its manufacturing plant on the Tame Valley Industrial Estate.
Following the sale, majority shareholder Bob Andrews will remain in the business for a short period, but now plans to devote more time to his number one interest outside of work – supporting Tamworth FC where he is club chairman.
For Pantech, the acquisition of a European-based business with a strong brand will help strengthen the company’s worldwide sales, whilst complementing its own piping product range which is manufactured using mainly carbon steels.
Commenting on the deal, Andrews said: “Pantech serves similar markets to Nautic making us an ideal fit for their business as they look to further build international sales of pipes, fittings, flanges, valves and other pipe related components.
Nautic was advised by Black Country law firm Hawkins Hatton.
Colin Rodrigues, corporate partner at Hawkins Hatton, said: “As this was an international transaction it brought its own unique challenges, but we were delighted to have advised Bob Andrews throughout the process and bring about a successful sale.”
Double A, a London-based boutique corporate finance firm, worked closely with Nautic and Hawkins Hatton throughout the transaction.
