Acquisition of Quadscot Precision Engineers Ltd by Pressure Technologies plc
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KBS Corporate has advised on the successful acquisition of Glasgow based Quadscot Precision Engineers Ltd by Pressure Technologies plc. The acquirer was introduced to Quadscot by KBS Corporate, with a final deal value of £10.7m.
Quadscot was founded in 1990 and operates from a recently expanded 32,000 sq ft freehold facility which will form part of the acquisition. The Company has seen continuous investment into its modern, high quality engineering equipment which is operated by highly experienced engineers and machinists, providing millings, turning, boring, grinding and electric discharge machining.
Quadscot has a long established blue chip client base within the oil, petrochemicals and gas sectors. The Company reported 2013 revenues of £4.46 million and it is anticipated that this will be the subject to a significant uplift in 2014.
Based in Sheffield with origins dating back to 1897, Pressure Technologies is a growing and profitable leading designer and manufacturer of speciality engineering solutions for high pressure systems serving large global markets. The Company is building a highly profitable group of companies, specialising in technology for the containment and control of liquids and gases in pressure systems through a combination of organic initiatives and acquisitions.
In line with Pressure Technologies stated strategy, the Board believes that the Acquisition represents an excellent opportunity to further enhance the Group’s capabilities within the Engineered Products division. The acquisition is another obvious strong strategic fit with Pressure Technologies’ growth and acquisition strategy and the Directors believe that Quadscot will have excellent long term growth prospects as part of the Group.
Alan Wilson, Chairman of Pressure Technologies, said “The acquisition of Quadscot is further evidence of the Group’s ability to identify well run, profitable businesses that will benefit from being part of Pressure technologies, whilst also making a significant contribution to the future performance of the Group.”