Oil and gas industry precision components specialist Premier Hytemp has been bought by its management in a £34.5 million deal, backed by mid-market buyout house Dunedin.
Premier Hytemp was formed four years ago when Premier Alloys acquired Sheffield-based Hillfoot Steel, owners of Hytemp Limited.
Only last year, the group, which had mothballed its Shefﬁeld plant because of the recession, created eight jobs when it opened a new £4 million facility at Thorncliffe Business Park, in Chapeltown.
Premier Hytemp makes complex, high integrity alloy machined parts on short lead times for the offshore and onshore oil and gas industry at factories in Chapeltown, Edinburgh – where it is based – and Singapore.
The group also has operations in the Canadian city of Calgary, is soon to open a base in Dubai, has sales of more than £42 million and more than 200 employees worldwide.
Prior to the management buyout, led by chief executive Donald Wilson, chief financial officer Will Gold and chief operations officer Doug Harrison, the firm was owned by Murray International Holdings.
Dunedin partner Dougal Bennett, who is joining the Premier Hytemp board, said: “Premier Hytemp fits with Dunedin’s strategy of investing in UK headquartered companies that are market leaders in their niche and which have strong international growth prospects.
“The market for Premier Hytemp’s products is growing strongly, driven by unceasing global demand for oil and gas and significant investment in new oil wells.
“Premier Hytemp is well placed to expand its capabilities, geographic footprint and product offering to further enhance its position as a global leader.”