Flowtech acquires HTL for £2.65m
AIM-listed Skelmersdale-based technical fluid power products supplier Flowtech Fluidpower has acquired Shropshire-based Hydraulics & Transmissions Ltd.The deal includes an initial £750,00 payment, a two year earn-out of around £1m and includes assuming £900,000 of debt for a total completion price of £2.65m, funded by the company's own resources.
HTL, established in 1973, employs 25 and distributes hydraulic equipment and components from its location in Ludlow, Shropshire. The company registered turnover of £5.2m to December 31 and will now operate as an independent sister company within PMC.The purchase follows the 2016 acquitions of Indequip, Hydravalve & TSL, all now part of the growing Focused Fluid Power Group. In that year, group revenue increased by 19.9 per cent, up from £44.8m to £53.7m.
Flowtech employs 150 from its base on Pimbo Road, Skelmersdale, and has 30 years of experience producing Fluid Power Products within the UK.