A MANUFACTURER with an annual turnover of around £75 million has been sold to new owners with help from Wiltshire specialists.

Hydraproducts Ltd in Gloucester has changed hands from founder Ben Lee to R & G Fluid Power Group.

Mr Lee used corporate finance experts Watersheds to help find suitable buyers for the 20-year-old hydraulic power pack-making company.

R&G is a group of UK-based firms offering product knowledge of fluid power products and systems for businesses.

Watersheds partner Yuri Fernandes said that despite the fact that Ben wished to exit his business relatively soon after sale, they generated half a dozen different offers for the business.

Yuri said: "Ben started the business from nothing and has made it a great success, but felt that he needed to pass the baton on to a larger organisation to enable his staff to reach their full potential and allow the business to enter its next stage of growth.

“With the backing of R&G, Hydraproducts will be well positioned to expand and grow.

“The hydraulic marketplace is quite niche, but we were able to source potential buyers completely confidentially, including some which Ben wouldn’t have thought to approach.

“Although Ben was initially concerned that some of the companies were potential competitors to his, we recognised that by acquiring the business they would gain a strong presence in the hydraulic power pack market - a key market they were lacking presence in, and establish a strong foundation to begin cross border trade into continental Europe.

“As well as recognising the huge potential for R & G, the group valued the strength and competency of Ben’s existing management team.

"This gave them the confidence to be able to accommodate Ben’s wish for a clean exit after a sensible handover period."

Ben Lee said: “When I began thinking about passing the business on, I had no idea of what the company could be worth, how I should find and approach potential buyers, and how I could negotiate a relatively early exit.

“Watersheds did a tremendous job of sourcing a wide choice of offers, while maintaining total confidentiality in what is a very small world, and the final result far exceeded my initial expectations. I am confident that Hydraproducts and its staff will have the resources to continue the success story and take the business to a new level."

Legal advisors for Hydraproducts were Thrings of Swindon. Forbes of Preston advised R&G