Kreston Reeves advise Hydraflex on European acquisition

Kreston Reeves has carried out tax due diligence and advised the manufacturing business Hydraflex on its acquisition of Hydralectric International and its European subsidiaries in France and Slovenia.

Established in 1989, Hydraflex is a world leading manufacturer of high-quality speciality metal and braided hoses used across a wide range of building and manufacturing processes.

Hydralectric makes bespoke hoses and high-performance valves for the water industry. The acquisition will see both companies expand their manufacturing and distribution capabilities across Europe.

Kreston Reeves advised Hydraflex on the tax due diligence for the acquisition, working alongside Kreston Global member firm Groupe Conseil Union in France and the Slovenian accountants Simič & partnerji d.o.o.

The Kreston Reeves team was led by Senior Partner Andrew Griggs and supported by Mohammed Mujtaba (Corporate Tax), Amar Iqbal (Corporation Tax), Tanraj Bansal (VAT) and Tom Boniface (Private Client Tax).

Andrew Griggs said: “Mohammad and I are delighted to have worked alongside Hydraflex and colleagues in France and Slovenia on this deal. We are seeing an increase in cross-border corporate finance transactions, and as part of the Kreston Global network we are well-placed to work with businesses wherever they may be located.”

Duncan MacBain, CEO and founder of Hydraflex said: “This is an important acquisition for Hydraflex and Hydralectric International, significantly building our international reach.

“We are grateful to the teams at Kreston Reeves for the first-class support Andrew, Mohammed and their colleagues provided in the UK and through their partner firms in France and Slovenia. Their advice was on-point, ensuring the deal progressed quickly and efficiently.”

Addleshaw Goddard provided Hydraflex with legal advice with Sentio Partners providing corporate finance support.