Intrinsic acquires Ham Baker divisions from administrators

Intrinsic and Alycidon Capital invested £5m of equity to support the deal.

The transaction comprises five solvent subsidiaries of Ham Baker Adams' flow division, including Industrial Valves, Industrial Penstocks, Industrial Pipeline Solutions, IVL Flow Control and FJ Estates.

Alycidon chairperson and group chief executive Rod Tompsett will take on the role of executive chairperson at newco Ham Baker Group following the deal. Intrinsic principal James Grenfell and director Toby Arrowsmith will also take a seat on the company board.

The acquisition comes less than a week after FRP was appointed as administrator at Ham Baker Adams. The group ran into trouble following its move into larger, longer-term projects, when its process division exposed it to "onerous working capital and contractual commitments", according to a statement issued by the acquirer.

Leumi ABL and Ratesetter provided working capital funding to support the transaction.

Company
Stoke-On-Trent-headquartered Ham Baker Adams is an engineering business that designs and manufactures components used in the distribution and treatment of water, including pumps, valves and decanters. Its recent orders have included penstocks for Thames Water in the UK, the Dukhan Highway East project in Qatar and the Step project in Abu Dhabi.

The company generates a turnover of £30m, with sales across the UK, the Middle East, east Asia and other export markets. The divisions acquired by Intrinsic have a total headcount of 130.

People
Intrinsic Equity – James Grenfell (principal); Toby Arrowsmith (director).
Ham Baker Group – Andrew Williams (CEO).

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• Buyouts
• UK / Ireland
• Industrials
• United Kingdom