Pryme Group, the Dundee-headquartered integrated manufacturing firm, has acquired Hydratron for an undisclosed sum as part of its growth plans to achieve turnover of more than £40 million by 2021.
The newly-acquired business complements Pryme’s existing operations in Dundee, Ellon (Aberdeenshire), Morecambe and North Shields and will allow the business to increase service delivery times and lower overheads for manufacturing by avoiding sub-contracting.
The acquisition was backed by Simmons Private Equity and shareholders of Pryme Group.
Pryme will assist Hydratron in entering new sectors such as aerospace and defence as well as new segments of the oil and gas industry. Production synergies are expected to create greater efficiencies and help grow the business by 15 to 20 per cent over the next 12 months.
Hydratron provides high pressure and flow control equipment to the oil and gas industry. It manufactures and supplies bespoke products worldwide, including high pressure air-driven liquid pumps, gas boosters and associated systems.
Located in Altrincham, near Manchester, the company was founded more than 35 years ago. Hydratron, which employs 30 people, will continue to trade as normal under its current name. The company recorded turnover of £3.9 million for its September 2017 year-end.
Angus Gray, chief executive of Pryme Group, said the acquisition of the long established business from Sheffield-based Pressure Technologies was the ‘perfect fit’ for Pryme and would provide comprehensive engineering services to clients across large parts of the UK as well as increase the group’s presence across the oil and gas, aerospace and defence sectors.
Jason Smith, director, energy private equity at Simmons and board member at Pryme Group, said: “We would like to welcome everyone associated with Hydratron on board for what promises to be an exciting journey together for Pryme Group given the combined capability and market opportunities available to the group.”
12 Jun 2018