Clive Owen LLP corporate finance director David Wilson advised on the deal after introducing Steve Rusinek of S R Engineering to Avenium’s Greg Hynes after holding discussions with him over the future of the business when Mr Rusinek made the decision to look towards semi-retirement.
The deal has now been completed and Mr Rusinek will remain with the business as a consultant.
Avenium Engineering provides engineered solutions for the oil and gas, petrochemical, processing, and energy industries across the world. It specialises in the supply of process plant equipment and services including mechanical interlocks, rupture discs, and valve automation packages.
S R Engineering, which was founded in 1990, provides precision engineering services and products across a range of heavy industry sectors.
Mr Wilson said: “I was delighted to act for Steve on the successful sale of his business to Avenium Engineering. SR Engineering is a long established, successful, precision engineering business supplying to major blue-chip customers and this strategic acquisition provides a great opportunity for Avenium to further enhance its impressive growth by increasing its overall service offering. As a valued client of our firm, we look forward to working with Greg and the Avenium team in this exciting stage in their ongoing development. “
Mr Rusinek said: “As soon as I met Greg, I knew that our business ethos and philosophy were a perfect fit. We both place a great deal of importance on the local supply chain and local employees, and in ensuring our customers receive the best possible service and products.
“Greg has some fantastic ideas for expanding both businesses and I am looking forward to working with him.
“I’d like to thank David Wilson for the initial introduction, for understanding my business and what I was hoping to do and for his excellent advice and work in helping make everything run smoothly.”