Waterfront Fluid Controls Ltd has been acquired by Jash Engineering Limited, a leading member of the Jash Group, listed on NSE (National Stock Exchange of India Ltd).
Jash has purchased an 80% stake in Waterfront, which has seen a 25% increase in export sales over the last 12 months.
Waterfront Fluid Controls was founded by Neil Betteridge in 2006, following the expansion of his former business, Waterfront Engineering Services, which he set up 10 years earlier.
Neil, who moved from installation work to manufacturing and supplying fluid control equipment, has worked with Jash since 2013, becoming a major purchaser of its products after winning a large contract with Thames Water on the Thames Tideway Tunnel, London’s ‘super sewer’.
Jash Engineering Limited was established in 1973 and has its headquarters based in Indore, as well as four manufacturing facilities across India and one in the USA. It also has bases in Austria and Hong Kong, and exports products to more than 45 countries worldwide.
As a result of the acquisition, there has been a £500,000 investment in the new UK arm of the business, which will see the factory expanded and a full office refurbishment.
Commenting on the deal, Neil said: “The business has grown arms and legs now. All our colleagues have remained in the business and we’re employing new staff to carry out the additional manufacturing elements here in Glasgow.
“It’s a massive expansion. Jash is already well established and this is an avenue into the UK and markets they’ve not had before. It’s a really good fit between the two companies.”
Neil, Director of Sales and Marketing, and Liz Niven, Director of Operations, will continue in their positions and retain shares in the business. Neil was pleased to have completed this deal with Jash which will see his 28 years of work continue to grow as a subsidiary of a leading company in the industry.
He added: “I was a man with a bag of tools essentially, carrying out installations on site of the products that we now manufacture.
“I worked for all the major manufacturers at the time, carrying out installation work and after several years I recognised there was an opportunity to have some market share. I worked with some designers and we introduced new material to the marketplace and that’s when I founded Waterfront Fluid Controls. I’ve been to speaking to Jash for many years about shared equity. They approached us and it was the perfect time.”
Armstrong Watson’s Corporate Finance Team, Partner Richard Gibson and Assistant Manager Ellis Kerton, advised on the deal, along with Corporate Tax Partner James Fraser. Neil was also supported by Ralph Riddiough and Finlay Swan of Holmes Mackillop solicitors.
Ellis Kerton, of Armstrong Watson, said: “It is with great pleasure to extend our heartfelt congratulations on the successful sale of Waterfront Fluid Controls. This milestone not only reflects the dedication and hard work that Neil and Liz have invested but also marks the beginning of a new chapter. It has been a pleasure to work with Neil and Liz on the sale, as well as Ralph and Finlay at Holmes Mackillop. We wish Neil, Liz and those at Jash Engineering all the best for the future.”
Holmes Mackillop Director Ralph Riddiough added: “We are proud to have supported the sellers in this important cross-border transaction, working to work alongside Richard Gibson, Ellis Kerton and their colleagues at Armstrong Watson. We wish Neil and Liz, and the team at Jash Engineering, all the best in this next phase for the business.”
KNAV, Aventus Partners Limited and Healys solicitors advised Jash Engineering Limited on the transaction.
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