DavyMarkham sold to Indian group
月曜日, 1 3月 2010
Sheffield engineering firm DavyMarkham has been bought by Indian group Hindustan Dorr Oliver (HDO) for an undisclosed sum, it has been reported.
The 180-year-old heavy engineering specialist was acquired by India's £1bn turnover group on advice from James Bullock of law firm Irwin Mitchell.
Nabarro's Ben Hendry and Deloitte's Martin Jenkins and Dan Renton advised on the sale of the firm that was rescued by buyout firm Endless four years ago.
HDO is a subsidiary of IVRCL Infrastructures and Projects and is India's leading engineering procurement and construction company.
DavyMarkham's managing director Kevin Parkin and finance director Duncan Hay will retain their positions, as will the remainder of the firm's management team.
Mr Parkin, who was named the current Sheffield Business Awards Business Person of the Year, said: "It is great news for DavyMarkham's customers, employees and suppliers, since HDO along with its parent is financially very strong, is very growth orientated and dedicates itself to continuous improvement in all fields of its business."
"There are considerable synergies between ourselves and Hindustan Dorr-Oliver, as also IVRCL group and its commercial aspirations in markets like nuclear energy match ours perfectly," he added.
Copyright © Press Association 2010