Hardy advises PLC client on International deal

8th July 2013

Paul Hardy of Hardy Transaction Management Limited advises Avingtrans plc on acquisition of Exterran (UK) Ltd Avingtrans plc, which designs, manufactures and supplies critical components and associated services to the global aerospace, energy and medical sectors, announces that it has acquired the entire issued share capital of Exterran (UK) Ltd ("Exterran UK"), the UK operations of US-based Exterran.

The principal activity of the acquired business, which is based in Walsall, is the design, fabrication and installation of products for the global oil and gas market, including equipment solutions for petroleum production, gas processing, produced water treatment and aftermarket parts and services. The business has traded in the UK for many years and has been a long standing customer of Metalcraft. The business, which employs 85 people, will be integrated into the Energy and Medical division of Avingtrans. This new part of the division will henceforth be known as Maloney Metalcraft Ltd, to reinvigorate a previously well-known brand name in this market sector. Its key customers include: Petrofac, Talisman and Shell. In the financial year ended 31 December 2012, Exterran UK reported revenue of £16.3 million and an adjusted loss before tax of £0.5m. Avingtrans expects Exterran UK to be at least break even in the year ending 31 May 2015 and earnings enhancing thereafter. Steve McQuillan, Chief Executive of Avingtrans commented: "We are pleased to announce the acquisition of Exterran UK which has a strong Oil and Gas pedigree. This addition to the Avingtrans Group reinforces our plan to build the business around our two core divisions; Metalcraft (Energy and Medical) and Sigma (Aerospace) and provides scale and expertise in the attractive Energy marketplace." Paul Hardy of Hardy Transaction Management, lead advisor to the buyer, commenting on the international aspect of the transaction said: "This is the sixth international transaction we've closed over the last 18 months and the second for Avingtrans. Engineering businesses whose operations, by virtue of the markets in which they operate, are intrinsically international, are increasingly comfortable with international M&A transactions as shown by recent completions and current mandates involving principals in China, the US, India, Sweden, Germany and France."

You might also be interested in

Business Key To Government Spending Plans

Tue 11th February 2025

The BCC is urging Government to help firms grow as it considers its future spending plans.

South Yorkshire Businesses Asked To Share Their Views On The Planning System

Mon 10th February 2025

Businesses across South Yorkshire are being asked to share their experiences with the local planning systems

Rate Cut Eases Some Pressure Points

Fri 7th February 2025

David Bharier, Head of Research at the British Chambers of Commerce reacts to the latest interest rate decision

Sheffield Chamber of Commerce and Industry holds 2025 AGM

Fri 7th February 2025

Sheffield Chamber of Commerce and Industry (SCCI) hosted its 167th Annual General Meeting (AGM) today, welcoming members for an afternoon of connection, celebration and insight.