June 24, 2016
Industrials and Industrial Technology, Energy
GCA Altium advises Steadfast Engineering on its sale to Marla
GCA Altium has advised the shareholders of Steadfast Engineering Company Limited, a leading UK manufacturer of pipeline components for critical applications, on its sale to Midlands-based Marla Tube Fittings Limited. The transaction terms were not disclosed.
Steadfast, headquartered in Hyde, Manchester, delivers niche bolting products and engineering capability to the international oil and gas project market. The firm has established itself as a successful British manufacturer, exporting goods across Europe and the Caspian Sea region. The business achieved a turnover of £17.9m in 2015, up from £14.5m the previous year.
Steadfast currently employs more than 90 staff and also has operations in Aberdeen where it services the North Sea repair and maintenance market. The deal will see the existing founders Ken and Andrea Sharp exit the business.
GCA Altium advised on the sale. This is another transaction in the oil and gas sector for GCA Altium Manchester following the £125m sale of Bifold to Rotork last year.
Andrea Sharp, Co-Founder of Steadfast, 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 GCA Altium for their fantastic work in getting this transaction over the line and we now look forward to our retirement greatly.”
Adam Sivner, Assistant Director at GCA Altium, said: “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.”