Law firm Moore Barlow has advised long-standing client Venture Precision Engineering Group on the disposal of its interests in Watford-based HireTech to US leader American Sanders.
Established in 1955, HireTech is a manufacturer of wood floor sanding machines for the tool rental market which exports globally.
The disposal is the latest in a series of corporate finance deals that the law firm has handled for its engineering group client.
Drew Mellor, Chairman of VPEG says:
“This was a really well-executed transatlantic deal with a US acquirer and a Japanese-listed parent acquiring a UK company. Those intricacies always make deals a little more interesting. Jeremy and his team have been outstanding on this transaction. He’s a highly commercial individual and always absolutely focused on getting the deal done.
“We are delighted to have completed this transaction and are now very excited about growing VPEG through the acquisition of sub-contract machining businesses in the UK which is at the heart of what we do.”
Katie Mellor, CEO of VPEG says:
“It’s been a great deal to be part of as it successfully transfers the ownership over to our American friends but also leaves us with an ongoing agreement in relation to continuing to supply our engineering services to Hiretech and the wider American Sanders group going forwards. There is a real opportunity for growth as companies look to onshore more work from China to take more control of their supply chains. As a premier engineering firm in the UK we are really well placed to make the most of that opportunity.”
Jeremy Over, Corporate Partner at Moore Barlow says:
“I’ve really enjoyed being part of the VPEG success story over the past eight years or so, from helping Drew and Katie with the initial purchase of the business, through 13 other corporate finance transactions including the latest deal. They’re great clients and I’m always happy to help them reach their next business growth goal.”