Goodfish Ltd agree deal to acquire Powell and Harber (Precision Engineers) Limited
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Worcester based Powell and Harber (Precision Engineers) Ltd has been acquired by Goodfish Ltd in a deal backed by Finance Birmingham.
Powell and Harber are specialist designers and manufacturers of precision mould tools and precision injection mouldings. The company supplies quality parts to industries worldwide including automotive, domestic appliance, medical, double glazing, mining and many others.
Powell and Harber, which was placed on the market due to the shareholders’ intentions to retire, attracted significant interest from potential acquirers including trade buyers and private equity groups. The acquisition opportunity generated 18 buyers meetings and a total of 10 bids were received.
The eventual acquirer, Goodfish Ltd, is a Staffordshire based toolmaking and injection moulding company that supplies its products worldwide. The opportunity represented a strong synergistic fit with Goodfish’s existing operations.
The outgoing shareholders will remain within the company in a short but detailed consultancy period which will allow for a smooth handover, with occasional consultancy to follow in the future.
Gregory McDonald, managing director of Goodfish, said: “Together with Powell & Harber, Goodfish will be able to better address the demanding requirements of larger customers whose business we have been targeting for some time. This, in turn, will help accelerate our growth and secure employment in the area.”
Guy Haynes of KBS Corporate who assisted the seller on the deal commented, “I am delighted that the transaction reached a successful conclusion. I had an excellent relationship with Bill and Tom and their retirement is very well earned. The deal represented a fair solution for all parties involved. Powell and Harber is a company with a very rich history and I am confident that, under the new ownership of Goodfish, it will continue to grow.”