Bradford-based Switchgear and
Instrumentation Ltd (S&I) has been acquired by Texas-based Powell Industries,
Inc. in a deal with former parent company,
With a real synergy
in the products and services of both companies, the move is seen as taking the
already successful S&I to the next level, with Powell gaining improved market
share and opportunities, especially in Europe and the
For over 40 years,
market-leading S&I has pioneered innovative product and electrical and advanced
system design for offshore and other industries, including pharmaceutical,
mining, utilities and building services. Annual turnover tops £30m and the
company employs over 300 employees at its
Houston-based
Powell Industries is a NASDAQ quoted company with annual sales of $225m
specialising in electrical equipment for heavy specification users within
process industries. Thomas Powell, son of the founder, is Chairman and Chief
Executive Officer of the company. .
The acquisition
sees Steve Ward (49) take over as managing director of S&I, having joined the
firm as operations director a year ago. He succeeds Chris Wootton, who remains
with NG Bailey Organisation.
Commenting on the
acquisition, Steve said: “This is a very good strategic fit, with both companies
operating in similar markets and with complementary product ranges and services.
Combining our efforts will strengthen our future market drive, particularly as
our new parent company has an impressive track record in both research and
development and capital investment.”
Thomas Powell
added: “We are now positioned, with S&I, to support major multi-national heavy
specification users’ projects around the world and to develop much broader
relationships with them.”
NG Bailey
Organisation chief executive Mark Andrew concluded: “This is a winning outcome
for all parties and delivers great prospects for S&I moving forward.”
Leeds-based McInnes
Corporate Finance represented NG Bailey in the sale and partner Dave Irwin
commented: “There is always keen interest in acquiring an innovative market
leader with a strong track record and this deal was no exception. However, the
fit between these two companies was perfect – they both have a “family firm”
background and the
Powell Industries
was represented by the international mergers and acquisition firm Hayes Novus.
Principal Mike Whaley commented: “This acquisition delivers enhanced market
leverage for the combined company, which can only result in stronger future
performance.”