THE acquisition of a Hartlepool firm by a global company could create 50 jobs.
Hartlepool-based Engineering Test Services (ETS) has been taken over by US company Mistras Group Inc.
The deal is expected to open up ETS to a global marketplace, fast-forward its expansion plans and create 50 jobs.
ETS managing director David Dakers will remain at the helm as it moves forward.
Mr Dakers said: “This is an exciting and positive time for the company as we look to develop the brand further and bring forward plans to grow the business.
Formed in the 1970s, ETS is said to have grown rapidly to hit over £4m in turnover during the last 12 months.
It provides non-destructive testing services and manpower to the heavy engineering, offshore and power sectors, working with firms such as Cleveland Bridge and Wilton Engineering.
With over 79 offices worldwide, Mistras is a US quoted global group employing more than 2,700 staff, providing integrity testing services for critical energy, industrial and public infrastructure.
Tait Walker Corporate Finance was involved in the deal.
Steve Plaskitt, part of the company’s corporate finance team, said: “Many of our recent disposals have been to foreign buyers because the North-East has a number of world class companies which are very attractive to overseas investors.
“ETS is an example of a knowledge-based UK engineering sector business attracting attention from abroad. We are delighted to have found them a buyer and complete the deal on their behalf.”
Crutes LLP provided legal advice throughout the acquisition.
Anne Spetch, from the firm, said: “We have a long-standing relationship with ETS and were delighted to advise on this latest transaction.
“David Dakers and his team have built ETS into a successful business over the past three years and Mistras are now gaining a valuable foothold in the local market as they look to expand their business globally.”