Saturday, October 31, 2020

Historic Hull manufacturer changes hands

A historic Hull-based valve manufacturer has changed owner after its Finnish owner divested to a New York company.

Last week, Finnish tech group, Wärtsilä divested 100% of the shares in Wärtsilä Valves to an affiliate of Evergreen Capital L.P., based in New York.

Wärtsilä Valves is the home of three global brands, Shipham, Robert Cort and John Mills. With a history in Hull dating back over 200 years, the company manufactures non-ferrous and high alloy valves to the marine, oil and gas and energy markets worldwide.

It became part of the Wärtsilä group following the Hamworthy acquisition in 2012. It will now operate as a stand-alone, independent business within the Evergreen group.

“We are pleased to add Wärtsilä Valves and its staff to the Evergreen family of businesses. Upon closing, we renamed the business Shipham Valves Ltd,” said Lee Amram, partner at Evergreen Capital L.P.

“We are excited to provide the resources and support to strengthen Shipham Valves’ capabilities to better serve its existing and prospective customers and global markets.”

Rob Moulds, MD of Shipham Valves, added: “Shipham is one of the longest established and most highly respected valve manufacturers in the world.

“This is an exciting step for us as we pursue our vision to be the market leader in valve supply to the oil and gas market, delivering an unsurpassable customer service across our product range.

“With support from our new owner, we will expand our global reach with new agents, distribution and support networks, and will continue to build the Robert Cort, John Mills and Advanced Valve Technology brands.

“Under new ownership, the company will invest in up-to-date onsite machining and testing facilities, which will further enhance our production capabilities, and extend our product portfolio.

“Together with our loyal workforce here in Hull, we are proud to bring back this iconic brand to the East Riding of Yorkshire. We are looking forward to being an independent company and working with Evergreen as we develop the business and further strengthen the Shipham brand.”

Evergreen Capital was advised on the transaction by Richard Moran, Tony Berry and Caitlin Hare from the corporate team at Leeds-based law firm Clarion.

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