Avingtrans PLC’s subsidiary Hayward Tyler Fluid Handling Limited, has bought Slack & Parr Limited assets.
Hayward bought the assets for a total of GBP4.9 million, which includes GBP2.6 million to buy certain UK assets and the shares in Slack & Parr’s USA & Asia subsidiaries. Further, for GBP 2.3 million, Hayward bought certain leased assets subject to and to be satisfied by lease financing.
Austen Adams, Divisional Managing Director at Avingtrans, said, “We are pleased to have completed this acquisition, which brings another globally-respected, British heritage brand under the direction of the Avingtrans team. The sorts of challenges this business has faced are familiar to us, and we are experienced in resolving them, having successfully turned around other businesses under similar circumstances. Slack & Parr’s global footprint, combined with its well-invested operational capability, powerful brand, highly skilled workforce, and large installed base, provides a great opportunity to re-establish the business on a firm footing going forward.”
Edward Barrington, Managing Director of Slack & Parr, added, “We are delighted to be part of Avingtrans and eagerly anticipate the opportunities this partnership will unlock for the business. Together, we are confident we can build on our heritage of precision engineering and continue to provide our clients with the quality and reliability they have come to expect from us.”
Slack & Parr entered into administration last month due to ongoing losses and funding issues, with a financial 2022 revenue of GBP13.6 million and a pretax loss of GBP1.9 million.