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United Kingdom : SHEFFIELD engineering firm acquires COLSON INDUSTRIES

May 21, 2014

Sheffield-headquartered X-Cel Superturn Ltd., which manufactures engineered components for the oil and gas sector, acquired fellow Yorkshire business Colson Industries in an HSBC-backed £1.75 million deal. 

HSBC s South Yorkshire Commercial team has given a £2.5 million finance package to support the acquisition.

The deal was managed on behalf of the bank by Chris Alsop, Senior Commercial Manager, with support from Ian Walker, HSBC Invoice Finance Business Development Manager.

The financing has been assigned from HSBC s launched recently £500 million SME Fund specifically for Humber and Yorkshire businesses. 

Elland-headquartered Colson Industries manufactures valves, also for the gas and oil industry. It will run as a 100% subsidiary of X-Cel Superturn. 

X-Cel Superturn intends to quadruple sales at Colson Industries from £2.5 million to £10 million for the next two years, adding 25 workers over the period to increase staff numbers to 65. 

Chris Sellars from Banner Jones Solicitors acted for X-Cel, whilst Dean Gormley and James Foster from Irwin Mitchell acted for HSBC. Don Gray at BHP Corporate Finance acted for X-Cel and HSBC.  

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Source: TendersInfo (India)

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