High pressure sale!
Roota is a long standing Yorkshire engineering business having been established by founding shareholder Steven Crampin in 1973. Since then Roota has developed into one of the UK’s pre-eminent manufacturers of bespoke engineered products for the oil and gas industry. In particular, Roota is widely regarded as a world leader in the machining of exotic alloys for mission critical applications in harsh operating environments. Roota’s products can be found in oilfield installations ranging from the North Sea to North and South America and the Middle East.
Matthew Crampin, Managing Director of Roota, commented “Roota’s success has been built on an unstinting focus on engineering excellence, dedicated customer service and a highly skilled workforce. These are all qualities shared by Pressure Technologies and we look forward to continuing our growth within the enlarged group”.
The BHP Corporate Finance team comprised Don Gray, Kevin Davies and David Bellamy. Don Gray, partner, commented. “We are delighted to have had the opportunity to work with the Roota shareholders to find a strategic partner for the business. This deal is further evidence of how Yorkshire’s engineering firms are capitalising on the growing opportunities within the energy sector. Whether it’s traditional fossil fuels or renewables, we are seeing an increasing number of our clients leveraging their world class engineering skills on the global energy stage”.
Matthew Crampin added, “BHP Corporate Finance were fundamental to the success of this transaction. From helping us to prepare for the sale process, to marketing Roota to global buyers and then negotiating the detailed deal, the BHP team worked tirelessly and with total commitment. Like us, many business owners will only sell once so it’s vital to engage advisors who have the experience, expertise and professionalism to represent your best interests. BHP demonstrated all this in abundance and their ability to remain calm and provide sage and reasoned advice throughout the ups and downs was enormously reassuring.”
Kevin Davies, assistant director, summed up the deal by saying “As might be expected for a high quality business like Roota, we had a significant amount of interest in the sale process. A key aspect of our role was to identify and engage with potential buyers to achieve the best combination of price, deliverability and importantly, an acquiror who would provide a good long term home for Roota and its employees”.
The sale of Roota reinforces what has been a busy first quarter of 2014 for BHP Corporate Finance and, with activity remaining strong, we look forward to announcing more deal completions in the very near future.