A world leader in the manufacturer of hydraulics components has bought out an East Midlands supplier.
Commercial Vehicle Hydraulics, based in Alfreton, in Derbyshire, has been acquired by OMFB Spa, which is headquartered in the Italian Lakes.
The UK business has operated as OMFB’s UK sales and distribution arm for three decades, supplying hydraulics for use in things like vehicles, loaders and tipper trucks.
OMFB has global revenues in excess of €90m – about £75 million – and has operations in Italy, France, Spain, Australia, China and India. The Derbyshire business will retain its existing name.
Commercial Vehicle Hydraulics managing director Carl Hinds said: “The acquisition by OMFB will allow CVH to increase its product and service offering in the UK for the benefit of its current and future customers.”
Company chairman and founder Philip Waterfall said: “Throughout the 30 years of partnership with OMFB, we have shared an ethos of product and service excellence.
“I am proud that such a fantastic and world-renowned business has decided to preserve that relationship for the future through its acquisition.”
The deal was brokered in Italy by David Nelson, senior partner at PKF Smith Cooper, who led negotiations on behalf of the shareholders of the UK side of the negotiations.
Legal advice to the shareholders was provided by Murray Macnab and Jennifer Geary at East Midlands-based Ellis-Fermor & Negus Solicitors.
Murray Macnab said: “It was a privilege and pleasure to work with all involved to bring this to a successful conclusion.”
