Sheffield-based engineering group Pressure Technologies plc has acquired Martract Limited for £4.3m. Martract is a highly specialist, niche engineering business with strong longstanding customer relationships. The business was established in 1978 and is based at the Humber Bridge Industrial Park at Barton-upon-Humber.
Pressure Technologies said that the acquisition, which is expected to me immediately earnings enhancing, was a “strong strategic fit” in its precision engineering division. Martract joins the Roota Engineering, Al-Met and Quadscot businesses.
Pressure Technologies will seek to expand its relationship with Martract’s oil and gas and international clients as the acquisition will be vertically integrated within Roota Engineering offering manufactured and ground product solutions. It will shorten the supply chain and reduce product lead-times in the precision engineering.
John Hayward, CEO of Pressure Technologies, said: “This is an exciting acquisition for the Group, which strengthens our existing market position and gives significant opportunity to penetrate new markets. Martract’s reputation for technical ability and quality sits well with our Group capabilities and we are delighted to welcome its dedicated and highly-skilled workforce to the Group.”
Jeff Gardner and Rob McCarthy of Dow Schofield Watts Transaction Services provided financial due diligence to Pressure Technologies. Jeff Gardner said: “We were delighted to assist Pressure Technologies, a well established business in our core region, with this acquisition. This represents our eleventh completion in 2016 for the Yorkshire and North East TS practice of DSW, rounding off a great year.”
Martract was advised by Paul Vincent of Hemming Vincent LLP with legal advice provided by Wilkin Chapman LLP.