A Cornish water treatment business has completed a deal with new German owners.
The Hydra Group, which supplies water treatment engineering solutions to water utility companies around the UK, has been bought by Eliquo Water Group GmbH, the municipal water platform of German entrepreneur Susanne Klatten’s investment holding SKion GmbH.
The selling shareholders will continue to run the business, which has been renamed Eliquo Hydrok, for the new owners.
MD, David Armstrong, said the deal was good news for the Indian Queens-based business. “This transaction shall take our company to a greater level within our industry and enable the delivery of high value contracts working within the financial and contractual demands these bring,” he explained.
“The technology already existing within the Eliquo Group shall now be readily accessible to all of our UK clients and perfectly complements and supports our companies’ previous portfolio.”
Stephens Scown LLP advised Hydra Group and its shareholders on the share sale, which required substantial restructuring of the Group, and complex tax clearances.
Lead partner on the deal, corporate specialist Robert Brightley, said: “The work on this deal presented a number of interesting challenges and we are delighted that it has reached a successful conclusion.
“The new ownership of the company means that the business now has substantial financial backing to support it as it develops and expands further. It is fantastic to have such a successful and ambitious company based here in Cornwall and I have no doubt that there will be new job opportunities resulting from this deal.”