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.









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