A trio of Sheffield advisors has acted in Pressure Technologies plc’s purchase of Rotherham-based Roota Engineering Ltd which produces precision components for the oil and gas industry.
Hlw Keeble Hawson – recently ranked in Experian’s top ten table of most active advisers in Yorkshire’s M&A market during 2013 – represented Pressure Technologies who funded the deal with cash raised through an oversubscribed placing.
BHP Corporate Finance acted as lead advisor to the shareholders of Roota Engineering Ltd and Hill Dickinson was the legal advisor to the shareholders of the engineering company which employs 35 people.
Roger Dyson, head of the corporate business team at hlw Keeble Hawson which has represented Pressure Technologies in its major transactions including its AIM flotation in 2007, said:
“The acquisition complements the strategic growth of Pressure Technologies with Roota now being an integral part of its wider AIM-listed, Sheffield based group of companies.
“We’re pleased to apply our expertise to drive through sizeable, complex deals such as this.”
Don Gray, partner at BHP Corporate Finance, added:
“We are delighted to have had the opportunity to work with the Roota shareholders to find a strategic partner.
“Roota is an exceptionally high quality business and I am confident that Pressure Technologies will prove to be an excellent home for the business.
“This deal is further evidence of how Yorkshire’s engineering businesses are capitalising on the growing opportunities within the energy sector.
“Whether it’s traditional fossil fuels or renewables, we are seeing an increasing number of our clients leveraging their world class skills on the global energy stage.”
Paul King, partner at Hill Dickinson, said:
“The Roota team have built up a truly fantastic business over the years and we were delighted to be able to advise the shareholders on this sale.
“The purchase by Pressure Technologies represents a great opportunity for everyone involved and I have no doubt that Roota will continue to flourish going forwards.”