A Walsall entrepreneur who acquired a specialist valve manufacturing company in 2005 has sold the business – having increased turnover more than eight fold.
LG Ball Valves Limited of Aldridge has been sold by Nick Thurston and wife Penny to the holding company of Aberdeen Valve Supplies Limited – one of its major customers. During the three year period the company was owned by the couple, turnover increased from £700,000 to £6million.
The company, which employs 17, will continue to trade from Aldridge and Mr Thurston will run the business for 12 months whilst a replacement managing director is recruited.
LG was established in 1996 and Nick Thurston joined in 2003.
The corporate finance team at the Wolverhampton office of Chartered Accountants HW – which advised the business since acquisition – negotiated terms liaising with Aberdeen-based advisors acting for Aberdeen Valve Supply and Clydesdale Bank, which provided funding.
Alan Gardner, corporate finance regional partner at HW, said the deal proved there was still an appetite for corporate finance transactions – and engineering companies could also provide business owners good prospects.
“Since 2003 the company has expanded significantly,” he said. “Growth in sales and profits have been achieved by rationalising the valve design making them more economic to manufacture, quicker to assemble and test.”