The management team at Lincoln-based Pearson Hydraulics has successfully completed a buy-out, securing the future of the business and more than 35 jobs.
The firm – which celebrated 50 years in business last year – was purchased by Rick Dring, Ian Smith and Paul Rushby, with funding support provided by Clydesdale Bank.
The deal was facilitated by David Burgess, Business Development Director in Specialist and Acquisition Finance at Clydesdale Bank’s Business and Private Banking Centre in Lincoln.
Following news that the majority shareholder was planning to retire, the acquisition means that Pearson Hydraulics will not only remain under the control of people who understand all aspects of the business, but it will also have a strong financial base to support its growth aspirations.
As well as a combined total of 100 years of experience in the business, the three directors have also worked together as a management team for more than a decade.
Based at its recently extended head office in Lincoln – which has full workshop facilities – Pearson Hydraulics also runs a depot in Grantham and operates a 24-hour mobile repair operation to service local customers.
The hydraulics and manufacturing specialists currently employ 36 people across its two sites and is looking to add to its workforce both in technical and sales roles to keep a pace with growth across a variety of sectors.
Plans are also in place to launch a new ecommerce website in the coming months.
The business, which offers local and national customers an extensive range of distributor products and services from simple components to full electro-hydraulic projects, works with a varied client base across the offshore, mobile and industrial sectors.
It supply parts all over the world and has secured distribution agreements with many of the major industry manufacturers including Danfoss; Turolla; OMT; Luen; Intertraco,; Sel; Webtec, and Comatrol.
Managing director of Pearson Hydraulics, Rick Dring commented: “Despite the change in ownership, it’s very much business as usual at Pearson Hydraulics.
“Indeed our company philosophy remains the same today as it did when we began in 1964: to be the customers’ first choice for hydraulic components, delivering quality products from stock at competitive prices, complemented with unrivalled service.
“A key focus across our business is providing our clients with added value where possible. We have the technical back-up and skills in-house to support all the products we sell and have increased capacity within our workshop recently to allow our customers to work with us on everything from bespoke product numbering to supplying parts as complete items, rather than component parts, and hydraulic and piping design.”
Head of Clydesdale Bank’s Business and Private Banking Centre in Lincoln, Katy Simpson said: “Pearson Hydraulics is a well-known and long established business in Lincoln with a reputation for providing excellent customer service.
“This management buy-out is the start of a new chapter for the company and secures a significant number of jobs for the local community. We look forward to helping the team to build on the company’s existing success.”