THE Radcliffe-based Oliver Ashworth Group has acquired an industrial valves and pipeline equipment distribution business in a deal worth £1.4 million.
Walker & Staff of Billericay, Essex, which is part of Falcon Holdings Plc, supplies the water, pharmaceutical, chemical, brewing and dairy industries.
Philip Johnson and Sarah Kent of Henry Cooke Corporate Finance advised on the deal.
Mr Johnson said Walker & Staff had returned to profitability after a severe downturn in demand for its products during 1998.
But the directors of Falcon Holdings believed they would provide a better return to shareholders by investing the proceeds of the disposal in other opportunities.
He said: "The acquisition by Oliver Ashworth, part of major French industrial group Saint-Gobain, will secure the future of the business and its employees.
"Walker & Staff will benefit from being part of a much larger organisation in the same market sector, with increased buying power and a multi-branch distribution network."
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