Leicester engineering firm snapped up in major deal
Leicester-based engineering company, Beaumanor Fluid Power Products Ltd, has been acquired by AIM-listed Flowtech Fluidpower plc in a deal worth £10.3 million.
Beaumanor has been part of the East Midlands engineering scene since 1974 and distributes brass turned parts, fittings and accessories used in the Fluid Power Industry, from its base in Leicester, along with support from overseas facilities in India.
The deal, supported by advisers at Shakespeare Martineau, forms part of a move by the business to secure future growth and capitalise on further market opportunities.
The buyer, Flowtech Fluidpower plc, is an international specialist supplier of fluid power products and has offices in the UK, Ireland and Benelux, as well as in China.
, partner at law firm, Shakespeare Martineau, who advised on the deal, said:
“Beaumanor has played a major role within the engineering community in Leicester and this deal will ensure that its success will continue on into the future. Securing the support of a large organisation in the same industry will allow business expertise to be shared and joint opportunities to be capitalised on.
“The East Midlands as a region is going from strength to strength, with external investors sitting up and taking notice of the innovative and creative work we have going on right on our doorstep. Beaumanor’s decision to sell has left the business in an incredibly strong position and will be perfectly-placed to drive future growth.”
Sambasiva Thirumalai, owner of Beaumanor Fluid Power Products Ltd, said: “Flowtech is a key player in our industry; they know our business and are keen to support our ambitious growth trajectory.
“Since the business was started by my Uncle over 40 years ago, we’ve felt like a strong part of the business community in the East Midlands. The sale forms part of wider succession plans for the business and will allow me to retire to India, safe in the knowledge that Beaumanor is in good hands.
“Shakespeare Martineau has made the whole process run very smoothly and the advice they have provided is second-to-none. From navigating the complexities along the way, to advising on practical elements of the process, they have always been on hand."