Sheffield’s Pressure Technologies has acquired Barton-upon-Humber-based engineering business Martract for £4.3 million.
Established in 1978, Martract specialises in the grinding and lapping of ball and seat assemblies and gate valves. It has been a key supplier into the Precision Engineering Division for over fifteen years.
For the year ended 31 August 2016, Martract had unaudited revenues of £1.2 million and adjusted pro-forma EBITDA of £0.45 million. Approximately 60% of its revenue is generated outside of the oil and gas market
The Board of Pressure Technologies said the acquisition has three main benefits. Firstly, within PMC’s oil and gas customers there will be an opportunity to expand existing relationships as well as develop new ones.
Secondly, Martract has traditionally focused on the UK market and the Board sees considerable potential to further develop international markets as part of the Group.
Thirdly, Martract’s business is not wholly reliant on the oil and gas market and currently has customers across a number of other sectors including nuclear and wide-reaching industrial sectors. It is anticipated that the division’s businesses will be able to capitalise on Martract’s position in these markets.
John Hayward, CEO of Pressure Technologies, said: “This is an exciting acquisition for the Group, which strengthens our existing market position and gives significant opportunity to penetrate new markets. Martract’s reputation for technical ability and quality sits well with our Group capabilities and we are delighted to welcome its dedicated and highly-skilled workforce to the Group.”