KBS Corporate complete the sale of A.B Seals Ltd to Diploma plc
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Company sales specialists, KBS Corporate have advised on the sale of Kent based A.B Seals Ltd, which completed on the 28 February 2014. A.B Seals was established in 1976 by Allan Bourne as a distributor of O-rings, oil seals and hydraulic seals.
Today A.B Seals has progressed into ranges of power transmissions and bearing products and was acquired by Diploma plc.
Diploma plc, a London based company, was founded in 1931 and is an international group of businesses supplying specialised technical products and services.
Since restructuring the company in the 1990’s, Diploma now operates in three distinct sectors Life Sciences, Seals and Controls. Diploma has grown considerably in recent years with revenue in excess of £285m in 2013.
This growth has been achieved organically as well as through successfully executing their ongoing acquisition programme, amounting to a £15m average spend per annum over the past five years.
Allan and Lorraine Bourne, majority shareholders of A.B Seals Ltd will be exiting the company whilst Keith Atkinson will remain with the company post completion.
Tom Eatough, Deal Executive at KBS Corporate, advised on the deal through to completion and stated how Allan had built such a successful company with an excellent reputation.
He added: “I am pleased that we managed to find a suitable buyer for such a thriving business. There were obvious synergies with Diploma’s seal operations and A.B Seals Ltd which meant all parties were keen to reach an agreement. It was a pleasure to work with Allan and I wish him all the best for the future.”