President Engineering Group Ltd aquire Bestobell Valves
The management team of Sheffield-based Bestobell Valves has acquired three divisions of the business from owners Flow Group in a buyout.
The management team also purchased the businesses’ US and Indian-based operations.
Directors Mark Henley, John Waddington and Marie Bellamy have acquired Bestobell Valves and Bestobell LNG, which both produce high performance valves for industry, and the UK operation of Conflow, which specialises in mining components.
Bestobell employs approximately 80 people in the UK and posted turnover for its UK and US operations last year in excess of £12m.
The management team hopes the buyout will enable it to further grow and develop the business in the UK, with the support of Flow Group.
The deal was negotiated by Yorkshire professionals. Sheffield-based Castle Square Corporate Finance secured funding for the deal, while legal advice came from the corporate team at DLA Piper in Sheffield. NatWest provided funding for the deal via their local operations – along with local investors YFM Private Equity.
Head of corporate law at DLA Piper in Sheffield Richard May said: “Bestobell Valves has been able to make the most of its connection to Sheffield, tapping into the strong skills base in specialist manufacturing and easy access to mainland Europe.
“The fact that the management team are now able to take the business forward as an independent enterprise is testament to the strength of this region in advanced manufacturing, and it is even more pleasing that companies like this are able to access the funding and advice they require for such ventures on their doorstep.”