MACCLESFIELD, UK - Engineering company Statiflo International has been bought by its managing director for an undisclosed sum.
Gareth Fry, 36, has acquired a majority stake in the company, which has subsidiaries in the US and Germany.
The company was wholly owned by chairman and chief executive John Baron, who founded Statiflo in 1983 in a spare bedroom at his home in Wilmslow.
Following the deal, Fry has a 70% stake while Baron, who will remain as chairman, will retain 30%.
Accountancy firm HURST advised on the deal, with legal advice provided by Gateley.
The company generates annual revenues of more than £4 million, with the bulk of its revenue generated from the water and wastewater treatment industries, including desalination plants.
John Baron, chairman, said: “I have reached the stage where I am ready to hand over the reins, and Gareth is the ideal successor. He is extremely knowledgeable and experienced, and I’m confident that Statiflo will continue to thrive under his leadership.”
Gareth Fry added: said: “This deal secures the future of a very successful global business. I am looking forward to maintaining and developing, in particular, our very strong position in the global water industry and continuing our growth in the oil and gas sector.”
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