The Keebles corporate team has represented Pressure Technologies in the sale of Altrincham-based Hydratron, which comprises the group’s engineered products division, to Pryme Group.
Hydratron was sold to Pryme Group, which provides integrated engineering services, for an initial £1.1 million. Up to £2.25 million may become payable depending on the company’s future trading performance.
Pressure Technologies said the prolonged downturn in the oil and gas market has affected Hydratron more than the group’s precision machined components division, prompting the sale.
The company explained: “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 the Keebles corporate team, represented long-standing client Pressure Technologies in the sale. He was assisted by solicitor Peter Turk and supported by the firm’s employment and commercial property teams.
Other Keebles corporate clients include Acorn Industrial Services, Horbury Group, Hill Care, ELG Haniel Metals and its German parent company ELG Haniel, and UK Steel Enterprise, a subsidiary of TATA Steel.