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Higgs powers ahead with sale of prosper distribution to Beck Industries
Article date: 14/04/2010
Nick Taylor, head of Midlands law firm Higgs & Sons' corporate team has completed the cross-border disposal of Prosper Distribution Limited (PDL) and its related worldwide companies to Beck Industries.
Beck Industries is Europe's leading manufacturer of special
bolts for the power generation and oil industries. The deal was for
an undisclosed sum.
The Prosper name has been well known for years as one of the very few top British manufacturers of special bolts for subsea, petrochemical and power generation industries. Thanks to its recent merger with Midsteel and subsequent rationalisation and sales success, the company has expanded strongly especially in the subsea industry. PDL employs over 120 people in Kingswinford, in the heart of the Midlands and in Aberdeen, the Scottish base for the North Sea subsea activities.
The new group turnover will exceed 65 million Euros and this acquisition will further strengthen the current impetus in all sites.
Speaking of the deal, Nick Taylor said: "PDL and Beck both share the same absolute resolve regarding quality and safety. Their clients operate facilities and equipment where human lives and the environment are at risk. The merger between the companies will see PDL continue to function as a market leader in the high integrity bolting industry with Martin Boulter remaining as the Managing Director.
"The deal involved the disposal of Prosper group, which has operations in the UK and Scotland, Hong Kong, China and the USA. It's our second deal for Midsteel in less than two months."
Beck Industries is a 4th generation family-owned group, focussed on the manufacturing of special bolting, operating eight sites in France, Germany, Belgium, China and now, the United Kingdom.
Higgs & Sons' corporate department is based at the firm's new purpose-designed headquarters in Brierley Hill's Waterfront. The firm was recently shortlisted for Birmingham Law Society Law Firm of the Year.