North East manufacturer acquired by US group in ‘significant’ deal

A North East manufacturer has been acquired by a US industrial tools and services company in a ‘significant transaction’.

Cramlington-based firm HTL Group has been purchased by Enerpac Tool Group for an undisclosed sum.

HTL Group specialises in controlled bolting products and services, with operations in Great Yarmouth, Scotland, Europe and Australia as well as the North East.

Paul Storey, HTL Group managing director, commented: “This was a significant transaction for the shareholders of HTL Group and one we could not have completed without the advice and support of our long-standing advisers, Square One Law and MHA Tait Walker.

“Their advice and support have been invaluable in expertly guiding us through what is for the shareholders an unfamiliar process.

“I am now looking forward to being involved in the new chapter for HTL Group under the stewardship of Enerpac building on, the growth we have already achieved at HTL.”

HTL Group was advised on the sale by North East commercial law firm, Square One Law and accountancy firm MHA Tait Walker.

Mark Lazenby, head of corporate at Square One Law said: “It has been our privilege to work with HTL Group for a number of years and I am delighted that we have been able to continue to advise and support the shareholders in achieving a successful closing of the transaction.

“HTL Group is a great example of the high-quality engineering expertise that exists in the North East and I am sure it will be a valuable addition to Enerpac Tools Group’s international business.”

Michael Smith from MHA Tait Walker added: “We were delighted to work with the shareholders to ensure they achieved the best deal for their business whilst maximising shareholder wealth.

“We would like to wish the team all the best for the future as they move forward in an exciting new chapter for HTL Group.”