Hyde-based manufacturer Steadfast Engineering Co. acquired by Midlands firm

Hyde manufacturer Steadfast Engineering Company Limited has been acquired by Midlands-based Marla Tube Fittings Limited.

International investment bank Altium, which has offices in Manchester, advised Steadfast’s shareholders on the deal, which was completed for an undisclosed sum.

Steadfast, a provider of niche bolting products and engineering capabilities for the global oil and gas industry, had a turnover of £17.9m last year, up from £14.5m in 2014.

Today, the firm employs more than 90 people and has an additional operation in Aberdeen from which it services the North Sea maintenance and repair market.

As part of the transaction, Steadfast founders Ken and Andrea Sharp will leave the business.

The deal was led by Altium’s managing director Simon Lord and assistant director Adam Sivner, with support from associate Andrew Battersby.

Steadfast co-founder Andrea said: “Ken and I are incredibly proud of the business we have built over the past 40 years and believe that the business will continue to grow from strength to strength under Marla’s ownership.

“We would like to thank Altium for their fantastic work in getting this transaction over the line and we now look forward to our retirement greatly.”

Martin Caller and Elaine Hackett of Manchester law firm BBS Law provided Steadfast with legal advice.

Altium’s Adam Sivner commented: “We are delighted to have advised Steadfast on its sale to Marla. Despite the difficult market we were able to find the right buyer for the business, as Steadfast continued to trade well during a time of low oil and gas pricing.

“Marla is now in a great position to continue its international expansion as a leading manufacturer in the oil and gas industry.”