Lancashire-based Metflex Holding Company Limited has announced it has been acquired by global technology group, Freudenberg, in a deal that will see it become part of its international Sealing Technologies division.
Founded in 1919 and based at premises in Great Harwood, Metflex specialises in the manufacture and supply of precision moulded components, rubber seals and diaphragms across a global multi-industry customer base. Its ability to offer a service that delivers material development, concept planning, full project management, tool prototyping and manufacture allows it to offer a fully bespoke product across a diverse range of applications.
Shareholders and directors, Philip Rogerson and John Holland, will leave the Company but, Managing Director, Dermot McCarthy, will remain with the Company, together with the current Senior Management team.
Freudenberg is a globally active group of companies that has been under family ownership since it was founded in 1849. It is headquartered in Weinheim, South West Germany and operates on a global scale across numerous markets.
Its Sealing Technologies division is the industry-leading specialist in sealing applications and supplies, as well as developing products for customers across a wide variety of industries, including the auto industry, civil aviation, machine-building, ship construction, food, pharmaceuticals and the agricultural & construction equipment sectors.
Speaking of the transaction, Dermot McCarthy, Managing Director of Metflex, said: “The management team welcomes the technological expertise and solid financial strength of the Freudenberg Group and looks forward to the long-term development of the Company’s products and markets with renewed energy.”
“With this acquisition, we are strengthening our established businesses in general industry with additional innovative technical solutions,” said Freudenberg Group CEO, Dr. Mohsen Sohi.
The management team at Metflex was supported by accountancy and advisory firm, CLB Coopers, part of the Baldwins Group, with David Travis and Rob Richardson from its Corporate Finance team and Rob Wardle and Simon Denye from its Tax team assisting in the transaction.
Rob Richardson, Director at CLB Coopers, said: “It has been a pleasure to support the Metflex team throughout this transaction. The company has been a longstanding client of the firm, working with Tony Whiteway, Senior Director at our Lancaster office, for a number of years. Throughout this relationship, the team has worked closely with the shareholders and directors on the strategic, financial and operational plans to position the business as a market leader in its field and as an attractive opportunity for acquisition.”
Legal advice was provided to Metflex and the selling shareholders by Pinsent Masons, with assistance from Andrew Senior and Catherine Hemsworth from its Corporate team and Andrew McCarthy from its Tax team, each based in Pinsent Masons' Leeds office.
Catherine Hemsworth, Legal Director at Pinsent Masons, said: "We are delighted to have worked with CLB Coopers as part of the advisory team supporting the company and its shareholders and delivering the sale. The transaction sees Metflex transition into its next exciting period of ownership and we are proud to have been involved.”
Martin Smith of Spearing Waite LLP acted for Freudenberg.