10th March 2021
Corporate lawyers from Thrings have advised Pump Supplies, one of the leading commercial providers of electric submersible pumps in the UK and Ireland, on its sale to the Lakers Group.
Pump Supplies, which specialises in all aspects of submersible pumps - from hire and service to sales and pump station installation – is set to continue its growth trajectory by joining the Lakers Group, a Nordic private equity group active in aftermarket services in the water and wastewater industry.
The financial details of the transaction were not disclosed.
Founded by managing director Andrew John in 1982, Pump Supplies’ 70-strong workforce operates via strategically located depots in Port Talbot, Gloucester, Winsford, Bodmin and Wexford.
Pump Supplies has the largest fleet of electric submersible pumps and pipework in the UK and is the country’s leading distributor of Flygt pumps, widely considered to be the originator of the electrical submersible pump.
Pump Supplies will become part of the Oslo-headquartered Lakers Group, which offers maintenance, service, development and technical consultancy for pumps, pumping stations, electrical motors and related components. Bought by private equity firm Summa Equity in 2018, it currently employs 300 staff across Norway, Sweden, Finland and Denmark.
Andrew John and his management team received legal, commercial and strategic advice from corporate and commercial property specialists at Thrings.
Led by corporate partners John Davies and Simon Hore, with assistance from solicitors Conor Melvin and Chloe Williams, Thrings ran the legal due diligence exercise, reviewed and negotiated the share purchase agreement, and carried out the disclosure exercise. Associate solicitor Rebecca Whiting handled the property aspects of the deal.
Andrew John said: “John, Simon and the team at Thrings were great to work with on the transaction. Having founded Pump Supplies in 1982 I’ve concentrated my efforts on growing the business so this was my first company sale.
“Thrings were able to guide me through the legal process, explain things clearly and worked hard to ensure that we achieved the right deal. John and Simon were diligent, professional and easy to work with – they come highly recommended.”
John Davies added: “Over the past four decades, Pump Supplies has grown to become one of the UK’s leading providers of electric submersible pumps, a position which would not have been possible had it not been for Andrew and all his staff’s passion, dedication, ambition and focus on providing exceptional customer service.
“The company is now looking to strengthen its position in the water and wastewater market, and joining forces with the Lakers Group will enable Pump Supplies to reach that all-important next phase in its development.
“Thrings is very pleased to have worked with Andrew, Jessica and their respective teams to complete this deal. All parties have been a pleasure to work with, and we wish everyone at Pump Supplies every success as they embark on what is a hugely exciting next stage in its history.”
Jessica Painter, partner at Watersheds, advised Pump Supplies on corporate finance matters. The Lakers Group received legal advice from Pinsent Masons LLP.