Souter Investments has agreed terms to acquire Premier Hytemp, a global provider of turnkey metals and precision engineering solutions for the energy industry. Souter is partnering with Premier Hytemp Chief Executive Mohit Sreen who leads a management buyout that will see the company’s management team become significant shareholders.
Premier Hytemp is a market leader in the supply and precision machining of advanced metals, including specialist nickel alloys for use in critical components across complex high temperature, high pressure, and corrosive environments. The company’s capabilities include materials supply and stockholding, cutting, rough machining, boring, trepanning, heat treatment, coating, and finished machining. Premier Hytemp operates facilities in the UK, Singapore, and Malaysia.
Mohit Sreen, Chief Executive of Premier Hytemp said: “Our strategic partnership with Souter Investments marks an exciting phase in Premier Hytemp’s journey and will further enhance our ability to meet our customers’ evolving needs while maintaining the exceptional quality, expertise, and flexibility they have come to rely on. Our commitment to being a trusted partner in the energy industry remains steadfast as we look ahead to a promising future.”
John Berthinussen, Managing Director at Souter Investments commented: “When we speak to Premier Hytemp’s customers we consistently hear that they value its partnership approach, as well as the company’s quality, expertise, responsiveness, and flexibility. We are delighted to partner with Mohit and his team to support Premier Hytemp on the next stage of its development, including investing to grow the company’s capacity and capabilities, and to further enhance its market leading turnkey solutions.”
The transaction is subject to customary completion conditions and is expected to close before the end of 2023. Transaction terms have not been disclosed.
Dr Douglas Dawson, a seasoned industrialist with experience in leading global metals and manufacturing businesses, will join Premier Hytemp as Non-Executive Chairman from completion.
Dr Dawson added: “I am delighted to be joining Souter Investments and the Premier Hytemp team on this very exciting journey. To be participating in the energy sector at a time when it is experiencing significant investment and redefining its role in the global economy is truly invigorating. Premier Hytemp is ideally placed, with its world class customer relationships, to significantly increase shareholder value and through further investment continue to cement itself as a strategic partner to its blue-chip client base.”
The acquisition of Premier Hytemp is the latest in several industrial deals for Souter Investments, the private equity focussed family investment office of Sir Brian Souter.
The firm’s recent transactions include the spin-out acquisition of Tracerco, Johnson Matthey’s diagnostic services business, alongside Sullivan Street Partners; backing MML Infrastructure in its investment in Premier Modular, a leading provider of leasing and permanent modular solutions across the UK and Europe; and working with Buckthorn Partners to support its investment in Cardo Group, a family of companies delivering building maintenance services to local authorities, social housing providers and their residents, and its acquisition of LCB Group.
Dentons as legal counsel advised Souter Investments, with KPMG, Calash, ERM, Marsh McLennan, Neotas, and FWB Park Brown providing due diligence and advisory services. Argyll Partners is acting as Souter Investments’ financial and strategic advisers. Addleshaw Goddard is management’s legal counsel with Parisi Tax and BDO providing management tax advice. Independent Growth Finance will continue to provide Premier Hytemp with asset backed facilities.
About Premier Hytemp
Premier Hytemp is a global leader in the manufacture and supply of precision engineered alloy components for the energy industry, including specialist nickel alloys for use in critical applications across demanding high temperature, high pressure, and corrosive environments.
The company’s market leading reputation is founded on its expertise in providing turnkey engineered solutions, meeting complex supply requirements, its innovative processing of materials, and its responsiveness to client requirements.
Operating from an international footprint, with facilities in the UK, Singapore, and Malaysia, Premier Hytemp is a trusted partner to a range of blue-chip multinational clients.
Please visit www.premierhytemp.com for more information.
About Souter Investments
Souter Investments is one of the UK’s leading family investment offices specialising in private equity. Founded in 2006, Souter has invested over £500m in more than seventy unquoted companies, and currently has significant investments in over thirty-five businesses, acting either as the lead investor or as a partner for other financial sponsors.
Souter has recently partnered with Mobeus Equity Partners to complete a minority investment in Intralink Group, a business development and innovation consultancy, as well as continuing its long running relationship with Duke Street to acquire Suir Engineering, a leading provider of innovative mechanical, electrical and instrumentation engineering solutions serving the data centre, pharmaceutical, power, and renewable sectors.
Portfolio companies include Akixi, which provides cloud-based call and contact analytics solutions under a SaaS model; LIKEZERO, a software business providing next generation data capture and contract analysis solutions to the financial services sector; voluntary carbon markets specialist Climate Impact Partners, which works with leading corporates, NGOs, and governments to deliver solutions for climate impact ensuring organisations meet their carbon neutral, net zero and renewable energy goals; and, Ignite Growth backed Newcastle Tool and Gauge Group, a precision engineer specialising in manufacturing components for severe duty engineering applications.
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