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Sheffield’s Pressure Technologies on acquisition trail after securing £25 million finance

Sheffield-based Pressure Technologies plc, a manufacturer of technology for industry, has secured a new £25 million finance package from Lloyds Bank Commercial Banking and acquired a computer engineering firm.

The funding, which comprises a £15 million revolving credit facility and an uncommitted £10 million accordion facility, will support the company’s plans to grow organically and through acquisitions.

The AIM-listed business has also announced that it has acquired Quadscot Holdings Ltd, a provider of computer controlled and conventional precision engineering and machining services primarily to the oil, gas and petrochemical industries for £10.3 million.

Pressure Technologies posted a 21% increase in turnover to £19.9 million and a 53% increase in underlying operating profit to £2.17 million for the half year ending March 2014.

Earlier this year it completed the acquisition of Rotherham-based Roota Engineering and recently announced the intention to acquire New Zealand firm Greenlane Biogas.

Alan Wilson, chairman of Pressure Technologies, said: “We are delighted to have secured these new facilities on competitive terms, which provide Pressure Technologies with further capacity and firepower to support the growth of the Group, both organically and through acquisition.”

Martin Beckett and Saranjit Lall from Lloyds Bank’s Strategic Finance team and Lee Bloodworth from the Mid Markets division advised on the refinance. Dean Gormley and Laura Mitchell from Irwin Mitchell acted for the bank.

Roger Dawson of hlw Keeble Hawson acted for Pressure Technologies.

Martin Beckett, regional director for Lloyds Bank’s Strategic Finance team in the North, said: “Pressure Technologies continues to deliver strong revenue growth and its management team are skilled at identifying and integrating new businesses into the wider group.

“We have a long standing relationship with the business and are very happy to provide financial support for their growth plans.”

This was posted in Bdaily's Members' News section by Clare Burnett .