Pressure Technologies Announce Acquisition of Al-Met
Pressure Technologies recently announced the acquisition of Al-Met from ABS Industrial Resources for a maximum consideration of £2.25 million.
Al-Met is a specialist manufacturer of precision engineered valve wear parts for the oil and gas industries and operates from Pontyclun near Cardiff. Its products are used in high pressure choke and flow control valves designed to regulate flow volumes in extremely demanding applications in the subsea and surface oil and gas industries.
ABS is headquartered in Mexborough and operates internationally, primarily as a recycler, processor and supplier of high value speciality alloys. It decided to seek a purchaser for Al-Met following a strategic decision to focus on core activities. ABS appointed BHP Ingram Forrest Corporate Finance the specialist corporate finance arm of Barber Harrison & Platt to conduct a sales process for Al-Met including the identification of suitable prospective purchasers.
Stephen Ingram who together with Kevin Davies led the transaction for BHP Ingram Forrest commented “Al-Met was a non-core subsidiary of ABS. It is a very good quality business with specialised engineering skills and I believe that it will be a very good fit for Pressure Technologies. He added “This transaction provides further confirmation of our ability at BHP Ingram Forrest to identify quality acquirors for niche and specialist businesses and then to proceed to successful completion”.
Other advisors on the transaction included Andrew Morris who recently moved to Gordons Solicitors in Leeds who also acted on behalf of ABS and Nick Goulding of hlw who acted on behalf of Pressure Technologies.
