International buyout deal for Ludlow firm Flowfit
A south Shropshire distributor has been bought out by a Swedish company.
Flowfit has joined Driveline Solutions, which is part of Stockholm-based Axel Johnson International, in an undisclosed deal.
Ludlow-based Flowfit is a distributor of hydraulic components and systems serving the marine, industrial and off-highway sectors such as agriculture and forestry.
The company offers a wide range of hydraulic products and accessories including power packs, valves, motors and pumps. It has 42 staff and runs a sales office in Wellingborough alongside its head office.
Axel Johnson International operates globally and comprises a group of more than 200 companies, employing 6,000 people in 35 countries.
Driveline Solutions was created in 2020 and provides driveline systems and related technical services for off-highway, marine and industrial applications.
It said the buyout of Flowfit reinforced its focus on the hydraulics segment and established a strong platform for growth in the UK market.
Flowfit will continue to operate as an independent company post-completion and be led by incumbent managing director Simon Parsonage who will retain a minority shareholding.
He said: "I am personally delighted with this acquisition and immensely proud of what it represents for Flowfit.
"Joining forces with Axel Johnson International and becoming part of the Driveline group is a clear testament to the strength of our people, our culture and our long-term vision.
"This partnership positions Flowfit perfectly for the future, enabling us to build on our success while staying true to who we are.
"I am genuinely excited about what lies ahead and confident that this step will create significant opportunities for our team, our customers and our partners.
"We see great opportunities to grow the business further and reach new heights together."
Driveline Solutions' managing director Jan Brattberg added: "Flowfit is a family business built on solid values and long-term commitment which aligns very well with our culture and strategy.
"This acquisition represents a natural step in the continued development and expansion of our hydraulics business.
"Flowfit complements our existing companies in terms of suppliers, market segments, and capabilities and further strengthens our presence in the UK."
