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Pershore firm sold in move to enable growth
11:14am Thursday 6th February 2014 in News
PERSHORE manufacturer Allen Gears has been sold in a move that will hopefully see them grow in the future.
The privately held manufacturer and service provider of gears for the power generation, oil and gas, hydroelectric, marine and nuclear energy sectors, was sold to GE Oil & Gas in a deal which completed in January.
Harrison Clark Rickerbys, advised on the sale of its long-standing client and the sale has ensured growth for the firm in the industrial gears sector.
GE Oil & Gas has announced that Allen Gears will be incorporated within the Power Transmission division of its Texas-based Lufkin business, which the firm acquired in July last year.
Kevin Johnson, managing director of Allen Gears, said: "Incorporating Allen Gears fully within GE will enable growth in global sales by increasing manufacturing and field service capacity. Our industry-leading technology, combined with Lufkin's, will provide a comprehensive service to customers."
The sale was led by Harrison Clark Rickerbys' managing partner and head of business services, Rod Thomas, who has worked closely with Allen Gears for a number of years.
He added: "We have a strong relationship with the shareholders of Allen Gears. In 2011, we advised on a part buy-out, in which GE Oil & Gas acquired a minority interest in the business. We were delighted to assist with the full buy-out and complete the very rewarding journey that we have taken with the firm over several years."