Flowtech acquires HES

07:29 12/10/2017
StockMarketWire.com - Flowtech Fluidpower has strengthened its power motion control division through the acquisition of Group HES Ltd for £4.1m in cash and shares.

HES - which was founded in 1965 and has its headquarters in Gloucester - employs 89 people across is network of branches located in Birmingham, Durham, Gloucester and Leeds.

The business operates under five trading brands: Hydraulic Equipment Supermarkets; Branch Hydraulic Systems, and more recently established specialist distributor brands in HES Tractec, HES Lubemec and HES Automatec.

HES will operate within Flowtech's PMC division and continue to be managed by the current senior management team.

Flowtech said £3.1m would be paid in cash on completion, and the balance of £1.0m by the allotment of 661,805 new ordinary shares to HES managing director Stuart Diesel.

Story provided by StockMarketWire.com



What the Papers Say

telegraph financial times daily mail daily express independent times
18:25 Phones4U founder 'felt bereaved' after...
source: The Guardian
18:08 Spain to force elections in Catalonia in...
source: The Telegraph
18:02 Managers of bonds backed by leveraged...
source: FT.com
17:58 Noble close to selling Americas-focused...
source: FT.com
17:58 Mifid asks more questions than it’s...
source: FT.com
17:51 Hurricanes and earthquakes will cost...
source: The Guardian
17:50 Ericsson shows signs of recovery as market...
source: FT.com
17:50 Boots Meal Deal price goes up 5.2% to...
source: The Daily Mail
17:49 Telegraph cartoons, October 2017
source: The Telegraph
17:41 Bad weather and Brexit cloud big-ticket...
source: The Guardian
[more ...]