HG Group, the Chesterfield-based Independent control systems specialist, has been sold to German engineering and services business Bilfinger for a ‘substantial,’ but undisclosed, sum.
HG employs more than 80 people at offices in Chesterfield, Manchester, Cleveland and Hampshire and has a turnover of around £10 million.
The company supplies control systems to a range of blue chip customers in the energy sector, including nuclear power, oil and gas, and in metals and manufacturing.
A team led by Don Gray and Kevin Davies from Sheffield-based BHP Corporate Finance acted as lead advisors to HG Group shareholders Graham Stevens and David Henery and identified Bilfinger subsidiary Bilfinger Berger Industrial Services Group (BIS) as a potential buyer.
Chris Sellars and Andrew Fielder from law firm Banner Jones provided legal advice.
David Henery said: “We are delighted with the outcome, as it represents a great deal for all parties involved.
“Our intention throughout this process was to find the right partner for HG Group to enable it to leverage the huge potential that exists in our highly skilled staff. BHP Corporate Finance identified Bilfinger as a strong strategic fit and the ideal partner for HG Group moving forward.
“With access to the resources and networks of BIS and its wider group, we are sure the business will go from strength to strength.”
Don Gray, below, from BHP Corporate Finance, added: “HG Group is a great example of a business that has developed an outstanding reputation in its chosen markets and we are very pleased to have worked with Graham and Dave to deliver such a successful outcome.
“The transaction with BIS is further evidence of the continuing trend we are seeing of overseas acquirors looking to invest in high quality UK businesses,” he said.
Bilfinger is a 3 billion euro revenue global provider of industrial services with a particular focus on the process and energy production industries.
BHP Corporate Finance is a multiple award winning company, including, most recently, the Star Business Dealmakers’ Award.