YFM exits President Engineering to US trade buyer

Parker Hannifin is a US-based corporate specialising in motion and control technologies. It stated the acquisition would allow it to strengthen its position in the liquefied natural gas, industrial gas and mining markets.

YFM backed the £6m MBO of President Engineering in 2010, injecting £1m of equity as part of the deal. The management team of Sheffield-based Bestobell Valves acquired three divisions of the business, alongside the US and India-based operations, from parent Flow Group with support from YFM. NatWest also provided debt funding.

According to YFM, President Engineering's turnover has grown from £12m to £19m within the investment timeframe. In November 2012, the business acquired Bretby Gammatech, a niche provider of coal monitoring products.

YFM declined to disclose the value of the exit to Parker Hannifin as well as return figures.

Company
Established as part of the management buyout in 2010, President Engineering manufactures precision engineered valves and related products for use in liquefied natural gas and other industrial applications. It has manufacturing facilities in Sheffield, with additional operations in Pittsburgh, in the US, and Ahmedabad, India.

People
Mary Broadhead worked on the deal for YFM.

Advisers
Vendors – KPMG, Christian Mayo, Giles Taylor (Corporate finance); DLA Piper, Richard May (Legal).
Acquirer – Eversheds, Amanda Partland (Legal).

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• Topics
• Exits
• UK / Ireland
• Industrials
• United Kingdom
• YFM Group
• Trade sale