A Glasgow firm which specialises in the design, manufacture, and installation of fluid control equipment has been taken over by a company listed on one of India’s largest stock exchanges.
An 80% stake in Waterfront Fluid Controls has been acquired by Jash Engineering, part of the Jash Group which is listed on the National Stock Exchange of India.
A statement said the deal comes after Waterfront had seen a 25% increase in export sales in the last 12 months, without providing a specific figure.
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Waterfront Fluid Controls was founded by Neil Betteridge in 2006, following the expansion of his former business, Waterfront Engineering Services, which he set up 10 years earlier. Mr Betteridge, who moved from installation work to manufacturing and supplying fluid control equipment, has worked with Jash since 2013, becoming a major purchaser of its products after winning a large contract with Thames Water on the Thames Tideway Tunnel, London’s “super sewer”.
Jash Engineering was established in 1973 and has its headquarters based in Indore, as well as four manufacturing facilities across India and one in the US. It also has bases in Austria and Hong Kong, and exports products to more than 45 countries.
Further to the deal, Jash has invested £500,000 investment into Waterfront's manufacturing facilities, which will see the factory expanded and a full office refurbishment.
Mr Betteridge, director of sales and marketing, and Liz Niven, director of operations, remain in post further to the deal and retain shares in the business.
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He said: “The business has grown arms and legs now. All our colleagues have remained in the business and we’re employing new staff to carry out the additional manufacturing elements here in Glasgow.
“It’s a massive expansion. Jash is already well-established, and this is an avenue into the UK and markets they’ve not had before. It’s a really good fit between the two companies.”
The corporate finance team at accountancy firm Armstrong Watson, partner Richard Gibson and assistant manager Ellis Kerton, advised on the deal, along with corporate tax partner James Fraser. Mr Betteridge was also supported by Ralph Riddiough and Finlay Swan of Holmes Mackillop solicitors.
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