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£100m Welshpool deal goes through

 
Created on 08/11/2019 @ 08:25
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The £100 million purchase of Welshpool manufacturer Invertek Drives has been completed by its new Japanese bosses.

The company, which employs more than 240 people from its headquarters in the town, has been acquired by manufacturer Sumitomo Heavy Industries (SHI) as part of the organisation’s ongoing international growth strategy. 

Having been established since 1998, Invertek Drives manufactures variable frequency drives (VFD) that are used to control electric motors in a variety of industrial, commercial and energy-saving applications. The company's products are sold to customers in more than 80 countries worldwide. 

The agreement will lead to significant investment in its growth and development in Mid Wales.

Charles Haspel, operations director at Invertek Drives, said: "We’re very pleased to see this deal concluded and we’re excited about the future of the company in Mid Wales with the power of the SHI resources now behind us. 

“The legal and professional services support we’ve received has been first class and helped to facilitate a smooth and seamless transition. 

 “We’ve also retained our management team as part of this deal, so now that we’ve cleared the final hurdle with international competition clearance, we’re looking forward to pushing the Invertek brand into new markets and territories.” 

The deal was completed with the support of Shropshire-based law firm Aaron & Partners, which acted on behalf of the shareholders at Invertek Drives. 

Stuart Scott-Goldstone, head of corporate and commercial at Aaron & Partners, said: “We're delighted to see this acquisition finalised having worked very closely with the shareholders at Invertek throughout the process from start to finish. 

“This is one of the largest deals we've worked on at Aaron & Partners, but it's also a significant deal for the region – we believe it's one of the largest international deals to have taken place in the Mid Wales area in recent times. 

“The deal also reflects the dedication, vision and ambition of the management team at Invertek. It’s a company that is already a recognised and well-established global leader in its field but now, under the ownership of SHI, the firm has a fantastic opportunity to build on its success and further enhance its reputation.” 

Aaron & Partners worked alongside accountants from Whittingham Riddell on behalf of Invertek Drives.

PICTURE: Deal done...Invertek Drives management pictured with their legal representatives.

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