Engineering giant IMI has taken over a second valve-maker in as many days as it continues an international expansion.
Birmingham-based IMI has taken over Brazilian isolation valve business InterAtiva in a £22 million deal, less than 24 hours after revealing it had completed the £83 million takeover of Italian valve-maker Remosa SpA.
IMI said in a statement: “InterAtiva will join IMI’s severe service division, which is a leading global provider of custom engineered valve, actuation, and control solutions for critical in-plant processes, focusing on the power generation, oil and gas, petrochemical and iron and steel markets.
“InterAtiva has existing strong customer relationships and approvals in Brazil with both the major engineering, procurement and construction firms and also with the major oil and gas companies. With an experienced management team, and capacity for final assembly, it will be a strong platform for IMI’s existing severe service isolation valve brands, including Orton and TruFlo Rona, to enter this market.”
The deal is being funded out of IMI’s existing resources and banking facilities.
Founded in 1992 by Wilson Gabriel and Mauro Bilbao, InterAtiva was privately owned and designs, assembles and distributes isolation valves to various end markets including oil and gas, sugar and ethanol production and water treatment. It operates a 9000sq metre facility located in Sorocaba, near Sao Paolo and employs 70 people who are all transferring with the business.
For 2011, InterAtiva’s unaudited sales were £12 million and underlying EBITDA was £3 million, and all of the 2011 sales were in the fast growing South American markets.