A North East firm has been acquired following its successful management buy-out.
Hydraulics firm E & J Advanced Fluid Systems Limited has been acquired by family company Wood’s Hydraulic Services Limited.
This successful acquisition, for an undisclosed sum, means that the business which is a Pirtek franchise will remain in Stockton, following the retirement of its previous owner.
As well as specialising in 24-hour breakdown services, Pirtek Cleveland supplies hydraulic products to some of the world’s leading manufacturers and delivers high-quality “matched” hose and fittings to clients across a wide range of sectors. The Company also provides a one-hour ETA service to clients in Cleveland and across parts of County Durham.
Award-winning accountancy firm Evolution LLP played a crucial role in assisting the buy-out process which will see Pirtek Cleveland run by husband and wife team Harry and Linda Wood.
Harry Wood is himself very familiar with Pirtek Cleveland, having worked there as a mobile service technician for eight years. When he decided to purchase the Company, he called on Evolution LLP, one of the Tees Valley’s leading corporate finance advisers, to help with the purchase.
A team of accountants from Evolution LLP, headed by partners Andrew Fotheringham and David Burns, provided the family with expert corporate financial advice, while solicitor Dougal Swan of Smith & Graham oversaw the legal side of the transaction.
Andrew Fotheringham said: “It was an exciting and very interesting project supporting Harry and Linda in the acquisition of Pirtek Cleveland, and we are continuing to work alongside them in this venture through payroll and accounts preparation.
“Harry and his family have a number of innovative ideas to help expand the business and we’re delighted that we’re able to contribute to making this vision a reality. This also highlights our desire to provide the very best help and support to family and locally owned businesses across the Tees Valley.”
Wood’s Hydraulic’s current team of nine will expand to help drive the Company forward.
Over the next year, they also hope to add another two vans to Pirtek Cleveland’s already four-strong fleet and expand the Company’s services into the brewery, dairy, food processing, chemical and agricultural industries.
Harry said: “I am absolutely over the moon to have been able to take over the firm. We are only one month into this project, so everything is a learning curve at the minute.
“Our main focus is on customer service and delivery, while Evolution is working on the accounts and other related projects, and the firm is helping us with these aspects by providing us with excellent advice.”
Evolution LLP provides a broad spectrum of services including personal tax returns and tax planning for a wide range of clients, and recently saw its efforts recognised at the North East Accountancy Awards 2012, where it was crowned Independent Firm of the Year.
For more information on the firm, please visit: www.evolutionllp.com