Keebles acts in sale of Hydraton
Keebles acts in Pressure Technologies sale of Hydraton
Keebles’ corporate team has represented Pressure Technologies plc in the sale of Altrincham-based Hydratron Limited, which comprises the group’s engineered products division, to Pryme Group.
Hydratron was sold to Pryme Group, which provides integrated engineering services, for an initial cash consideration of £1.1m. Additional consideration of up to £2.25m may become payable depending on Hydration’s future trading performance.
Pressure Technologies said the prolonged downturn in the oil and gas market impacted Hydratron more than the group’s precision machined components division.
The company explained that: “while successful steps have been taken to re-align the business with its core markets and establish the foundations for future growth as the oil market improves, the Board has concluded that Hydratron will be better served as part of a group that can immediately enhance its critical mass and market position”.
Michael Hall, a partner in Keebles’ multi-award winning corporate team, represented long-standing client, Pressure Technologies, in the sale. Michael was assisted by solicitor Peter Turk and supported by the firm’s employment and commercial property teams.
Keebles is one of Yorkshire’s biggest law firms with offices in Sheffield, Leeds and Doncaster.
Keebles corporate and commercial property teams are among the biggest of their kind in the region. Clients include Pressure Technologies, Acorn Industrial Services, Horbury Group, Hill Care, ELG Haniel Metals and its German parent company ELG Haniel and UK Steel Enterprise, a subsidiary of TATA Steel.