Swindon-based corporate finance specialists Watersheds, has completed the sale of Pump Supplies Limited to the Norwegian company Lakers Group, despite the current lockdown.
Pump Supplies Limited, which provides electric submersible pumps to a range of industries, has been bought by the Oslo-based pump aftermarket specialists, which has a large part of its business within the water and wastewater segment.
Pump Supplies was founded in 1982 by Andrew John, when he acquired a fleet of submersible pumps from a former employer that was re-focusing its business. The company, which has an annual turnover of £20m, now boasts the largest fleet of electric submersible pumps in the UK, and benefits from a highly-skilled workforce.
Around half of the company’s turnover is derived from the UK’s municipal water companies, but Pump Supplies also works on civil engineering projects and with local authorities, utility companies, mines and quarries.
Its highest-profile work tends to be in providing emergency relief in response to extreme flooding. The company worked on the alleviation of the South Yorkshire floods of 2019 and the Somerset Levels on several occasions in recent years.
Lakers has over 350 employees across Northern Europe and by adding Pump Supplies to the group will reach an annual turnover of close to £100m.
Jessica Painter, a Partner with Watersheds, said the firm is delighted to help Andrew achieve his ambition, particularly during the third lockdown in the Covid-19 pandemic.
She added, “Having confidentially marketed the business last year we helped Andrew find the right buyer for his business of nearly 40 years. There had to be an alignment of culture ensuring staff would be looked after as he had done, and customers continuing to receive the high service levels that the company prized itself on.”
Andrew said, “I can’t thank Watersheds and Jessica enough for their help and guidance, particularly at a time when many deals are collapsing because of the uncertainty around the pandemic.
“They made the entire process so easy for me. It has been a great journey for the past 39 years. One that I have thoroughly enjoyed with the support of some great people and customers over the years, and I’m very much looking forward to the next stage.”
The legal advice on the sale was provided by John Davies and Simon Hore of Thrings.
Pictured: (above) Jessica Painter of Watersheds (top of page) The Pump Supplies team