Specialist marine fluids business sold
A Wigan-based company specialising in supplying hydraulic and storage fluids for the global oil and gas offshore industry has been acquired by a US corporation, with help from Moore and Smalley and Napthens.Niche Products Ltd, based at Walter Leigh Way, Moss Industrial Estate, Leigh, was founded in 2001 to supply water-based subsea fluids in compliance with environmental legislation without compromising technical performance. The company, together with its “Pelagic” brand, has now been acquired by MacDermid Offshore Solutions, part of Miami-based Platform Speciality Products Corporation.
The outgoing Niche team have retained the production facility and staff relating to the design, manufacture and supply of environmental oils based fluids and are also assisting MacDermid with the integration of the brand until the end of 2014, thus ensuring a smooth transition of the business.The former shareholders, Tom McKechnie and Svein Odland, were advised on the sale by a team from Napthens solicitors led by Keith Melling and which also included Laura Crowe, Rob Dobson and Victoria Bromiley, tax specialist Stephen Betts, commercial property specialist Stephen Bell, and employment expert Stacey Carter.
Tony Medcalf and Michelle Taylor at Moore & Smalley Chartered Accountants and Business Advisors supplied tax advice, and MacDermid was advised by a legal team from Eversheds in London and Leeds.Keith Melling, head of Corporate at Napthens solicitors, said: “This was a very significant transaction for Tom and Svein and we’re delighted to have helped them through this process in a relatively short timescale.” Tom McKechnie said, “We would like to sincerely thank all customers and suppliers for a fantastic 13 years together and we wish them continued success with the Pelagic brand via MacDermid. Svein and I would also like to thank our advisers for all of their efforts in completing the transaction in an efficient and professional way.”