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 said: “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.