Sentio Partners have advised the shareholders on the sale of Hydraquip Hose and Hydraulics Ltd (“Hydraquip”), a leading provider of mobile hydraulic hose repair, to Canadian based Finning in a deal supported by a host of Yorkshire advisers.
Hydraquip Hose and Hydraulics specialises in providing 24/7 nationwide coverage for hose replacement, assembly and fitting, oil replenishment and general hydraulic servicing. Operating across the UK from a network 27 strategically located branches, Hydraquip has 130 mobile service vans and highly trained technicians providing rapid response capability.
Headquartered in Kent, Hydraquip employs 270 people and serves more than 4,000 customers across a diverse range of industries. In 2021, Hydraquip generated over £26 million in revenue and £7.2 million in EBITDA. Approximately 60% of revenue comes from on-site mobile hose services including hose replacement, assembly and fitting, oil replenishment and general hydraulic servicing.
Listed on the Toronto Stock exchange, Finning is the world’s largest dealer of Cat® machines, engines, equipment, parts and power solutions, with operations in the UK, Ireland, North America, Argentina, Chile and Bolivia. Finning has a recognised track record in delivering solutions to a diverse range of industries including mining, quarrying, building and construction, marine, power generation, industrial OEM and oil and gas.
Duncan MacBain, Founder of Hydraquip said “Joining Finning is an extremely exciting move for Hydraquip and will prove a critical step in the continued growth of our offering, enabling Hydraquip to recognise its full potential in the UK and further afield. We can see many cultural similarities as well as tremendous opportunities between the companies to give customers an even stronger proposition.”
Tim Ferwerda, Managing Director of Finning UK & Ireland added “The acquisition of Hydraquip demonstrates our commitment to build on and extend our reach to provide exceptional product support and aftermarket services for our customers. The company is a great fit with Finning, in terms of its family-orientated and customer-focused culture, which complements our current product support service perfectly. The Hydraquip brand name will remain in place as we maintain and build upon the high standards of service it is known for.”
A Yorkshire based team supported the shareholders in relation to the transaction – Sentio Partners acted as lead adviser (Andy Miller & Andrew Barlow) with Addleshaw Goddard (Carly Gulliver, Richard Hunt and Aidan Barry) providing legal advice.
Commenting on the deal, Andrew Barlow of Sentio added “from our first conversation with Finning, the strategic rationale for the acquisition of Hydraquip was clear to see. It has been a pleasure to advise the shareholders – the transaction is a fitting reward for Duncan, Jay and Fintan who have built a quality business and now have huge potential to accelerate growth as part of a global organisation.”