Flocon Valves & Fittings Ltd has acquired another industrial engineering supplier.
Norwich-based Lamberts, a company in which three generations of the same family had worked, was seeking a home for the business where its legacy would be respected and where it could go on to even greater success.
Both businesses supply industrial engineering products, including valves, tube and pipeline fittings used for heating, water, steam and gas within manufacturing and industrial process systems and were known to each other prior to the transaction.
The buyer, Flocon Valves & Fittings, based in RCT, was founded in 1989 and works across multiple sectors including utilities, manufacturing, and healthcare as well as construction. It also provides technical support, specialist sourcing and fast, nationwide delivery from its South Wales distribution centre.
Craig Phillips from Flocon said:
“This deal will give us a presence in East Anglia and neighbouring counties, enabling us to support customers in the east of the UK and serving as our next step in scaling the business.
“We wish the shareholders well in their retirement and look forward to integrating Lamberts into the group.”
Neill Ives, Managing Director of Lamberts, said:
“We are excited to be joining Flocon and taking the business positively into the future, providing our staff with even more opportunities for growth and development.”
The Flocon acquisition was supported by the corporate finance team at accountancy and business advisory firm Azets.
Azets previously worked with Flocon Valves & Fittings with its own succession, which saw family members enabling the founders to retire three years ago.
Since then, the business has grown significantly and signalled an intention to make further acquisitions.
Azets’ Katherine Broadhurst and Adam Dix supported Flocon’s acquisition by providing fundraising, financial review, and supporting the lawyers with the financial aspects of the deal.
Tax advice was provided to Flocon by Azets’ Tracy Harries and Chris Watts. Legal advice was provided by Paul Evans, Abbie Baker and Catrin Mackie of Berry Smith.
Katherine Broadhurst, Corporate Finance Partner at Azets, said:
“While the businesses are some distance away from each other their history, cultures and approach align closely, with their knowledge of each other coming from being members of the same buying group.
“It was a pleasure working with the Flocon team and we wish them well for the future which we anticipate will include further growth, supported by the geographical expansion enabled by this transaction.”
