Tamworth manufacturer of pipe fittings and flanges for the offshore industry, Nautic Steels, has been sold to a Malaysian based corporation in a deal advised by Midland law firm Hawkins Hatton.
Nautic Steels was founded in 1978 by director Bob Andrews and its products are extensively used for sea water systems including process cooling, fire water applications and desalination plants. The company has been sold to Malaysian conglomerate Pantech Group Holdings for an undisclosed sum.
Following the sale, majority shareholder Mr Andrews will remain in the business for a short period, but now plans to devote more time to his number one interest outside of work – supporting Tamworth FC where he is club chairman.
Mr Andrews said: “Pantech serves similar markets to Nautic making us an ideal fit for their business as they look to further build international sales of pipes, fittings, flanges, valves and other pipe related components. I received very good support from the team at Hawkins Hatton and am now looking forward to devoting more time to Tamworth FC which has punched above its weight in the Conference league over recent seasons.”
Colin Rodrigues, corporate partner at Hawkins Hatton, said: “As this was an international transaction it brought its own unique challenges, but we were delighted to have advised Bob Andrews throughout the process and bring about a successful sale.”