The corporate team of Yorkshire law firm Keebles has represented Sheffield’s Pressure Technologies in its sale of Hydraton Limited to Pryme Group.
Hydratron, which comprises the group’s engineered products division, was sold to Pryme for an initial cash consideration of £1.1 million.
Additional consideration of up to £2.25 million may become payable depending on Hydration’s future trading performance.
Pressure Technologies said the prolonged downturn in the oil and gas market impacted Hydratron more than the group’s precision machined components division.
The company explained that: “While successful steps have been taken to re-align the business with its core markets and establish the foundations for future growth as the oil market improves, the Board has concluded that Hydratron will be better served as part of a group that can immediately enhance its critical mass and market position”.
Michael Hall, a partner in Keebles’ corporate team, represented long-standing client, Pressure Technologies, in the sale. He was assisted by solicitor Peter Turk and supported by the firm’s employment and commercial property teams.
In May, Keebles announced that it was changing its name and branding.