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Bids, Mergers and Takeovers

Pressure Technologies acquires Martract Ltd

08 December 2016 07:35

Pressure Technologies has acquired the entire issued share capital of UK-based Martract Ltd, a profitable, cash-generative engineering business that specialises primarily in the grinding and lapping of ball and seat assemblies and gate valves.

The maximum total consideration for the deal is £4.3m on a cash-free, debt-free basis, comprising an initial cash consideration of £3.7m plus cash balances and a conditional deferred payment of up to £0.6m.

Martract is a highly specialist, niche business and the market leader in its field through its unrivalled intellectual property and strong longstanding customer relationships. The business is well known to the Group and has been a key supplier into the Precision Engineering Division ("PMC") for over 15 years.

The Acquisition is a strong strategic fit with the PMC Division, it will join the other businesses in this division; Roota Engineering, Al-Met and Quadscot.

Martract will help to vertically integrate the supply chain and further strengthen our ability to supply bespoke, complex solutions to industries demanding more innovative solutions to increasingly challenging problems.

Story provided by StockMarketWire.com

Related Company: PRES

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