Ormandy acquires Rycroft
Off site fabrication and water heating specialist Ormandy has bought commercial water heating manufacturer Rycroft from the Baxi Heating group for an undisclosed sum.
Since its formation six years ago, Ormandy has grown quickly to become a leading supplier of prefabricated packaged plant rooms and also offers a wide range of water heating solutions including calorifiers and plate heat exchangers.
It passed the £5 million turnover barrier last year and recently acquired the steam and hot water boiler manufacturer Hartley & Sugden as well as Newade Stainless, which produces high quality stainless steel products for the pharmaceutical, process and food industries.
The Dreh and Heatrae Industrial businesses will also join the Ormandy portfolio as part of the acquisition, which further extends the Halifax-based group’s offsite construction business and broadens its range of commercial water heating products.
Rycroft will continue to operate from its headquarters in Bradford and under its own name. Ormandy also intends to retain all of the 89 people currently employed by Rycroft.
"This is a very positive move for everyone associated with the two companies," said Managing Director Paul Cooper, who founded Ormandy in 2001 after standing down as MD of Rycroft. "The two companies have strong links and many of our people used to be employed by Rycroft. We have an in-depth understanding of the Rycroft product offering and intend to focus on its strengths. We have very clear ideas of where we can now take the extended Ormandy group."
"The commercial water heating market has become increasingly competitive," said a Baxi Heating UK spokesperson. "This caused us to review our product offering and cost base. In order to focus on our core commercial activities, we have decided to sell our Rycroft, Dreh and Heatrae Industrial businesses."
Hartley & Sugden snapped up by Ormandy
Just five years after it was founded, heating and hot water equipment manufacturer Ormandy has acquired the 130-year-old boiler maker Hartley & Sugden.
Ormandy also announced that its core business had reached its first turnover target of £5m over one year ahead of schedule with the help of rising demand for its pre-fabricated plantrooms and stand alone hot water process equipment.
Hartley & Sugden is one of the industrial/commercial heating industry’s best known names and once employed over 400 people. Ironically, Ormandy moved into one of its former factories in Halifax when managing director Paul Cooper set up the business in 2001.
"For a company as young as ours to acquire such a legendary industry name is quite an achievement and has given everyone at Ormandy a huge lift," said Mr Cooper.
"Hartley & Sugden may not command the once dominant position it held in the market, but its reputation and products will enhance our offering and expand our client base. It is our intention to expand the product range to meet the requirements of Part L, and thereby return the company to growth. "
Ormandy has also acquired the stainless steel pressure vessel and process equipment manufacturer Newade Stainless Products Limited.
"We were delighted to complete the acquisition of Newade," said Mr Cooper. "The timing was fortuitous as we heard the company was available just at the time we had decided to extend the stainless steel element of our product line. This will streamline our production and dramatically reduce our stainless steel production costs.It will also extend our reach into the pharmaceutical, process and food industries."
"Together with Brade Engineering, the specialist manufacturer of packaged heat exchangers and steam heating products which we purchased in 2004, we now have the product range and expertise to offer an exciting range of heat exchange solutions across our key markets in both the building services and process industries."