Eversheds has advised Parker Hannifin Corporation, a US-based corporation specialising in motion and control technologies on its acquisition of President Engineering Group Limited (PEGL), a Sheffield-based manufacturer of precision engineered valves and related products for use in LNG (liquefied natural gas) and other industrial applications.

The transaction provides a full exit for YFM Equity Partners, who financed the MBO of the business from Flowgroup plc in 2010. President Engineering has manufacturing facilities in Sheffield, with additional operations in Pittsburgh, Pennsylvania and Ahmedabad, India.

The business generated approximately £19 million of revenue in its latest financial year.

John Greco, Vice President and President of the Instrumentation Group said:

“The addition of PEGL provides product and manufacturing technologies and expanded systems capabilities along with solid brand names. This acquisition will strengthen Parker’s position in the LNG, Industrial Gas and Mining markets.  We are excited about the opportunities to combine our organizations and extend more solutions to our customers.”

The Eversheds team was led by corporate partner Amanda Partland who was assisted by principal associate Sarah Turner and associate Sophia Leavett.

Amanda commented:

“Parker Hannifin is an important and longstanding client of Eversheds, who we have advised on many strategic acquisitions and disposals.  This latest deal is a key acquisition for Parker which will enhance its position in flow control technologies.”