Local manufacturer boosts turnover with acquisition deal
A Liverpool manufacturing company has made a tactical acquisition that has enabled them to raise their target turnover by £4m.
ChargePoint Technology, which provide containment valves to some of the world’s leading pharmaceutical and chemicals businesses, has purchased pneumatic valve supplier Forac from its suppliers. Forac founder and managing director Adam Bunyard has also joined ChargePoint as part of the deal.
The agreement sees ChargePoint increase its turnover to £10m from £6m as well as allow it access to a compact but powerful pneumatic actuator that is used in the opening and closing of isolation valves in the production processes of pharma, food and fuel industries.
Since their original development in 1996, ChargePoint valves are now used by nearly every major pharmaceutical manufacturer across the globe, as well growing interest interest across other industries. Its impressive portfolio of customers include GSK, Pfizer, Henkel, DuPont, INEOS, Johnson & Johnson, Eli Lilly and Sanofi Aventis.
Chris Eccles, managing director at ChargePoint Technology, said:
“The Forac deal is strategically important for our business and will keep us on track for our ambitious growth targets in global markets. Forac’s actuators are a key component in our containment valves and we know well the quality of the product. It’s only a small component – in terms of what we produce – but it’s best-in-class.”
Mr Eccles added:
“We are on course to push our turnover beyond the £10m mark and to have a corresponding increase in the size of our team. It’s not going to happen overnight but the Forac deal and other plans we have in progress are steps along the road.”
Source: The Business Desk