One of the region’s longest-established manufacturers is under new ownership and eyeing an exciting future - more than 220 years after it was launched in Hull.
New York-based Evergreen Capital has swooped for the Finnish-owned Wärtsilä Valves Ltd, which included Shipham Valves in its group of global brands, reinstating the original name.
The company manufactures non-ferrous and high alloy valves for use in marine, oil, gas and energy markets worldwide.
Under the Shipham name it had started out as a brass foundry in 1798, supplying the area’s maritime sector.
Now, with the undisclosed deal complete, investment has been underlined as it seeks to reverse recent annual losses and capitalise on the early 2018 move to Humber Enterprise Park at Brough.
Rob Moulds, managing director, said: “Shipham is one of the longest established and most highly respected valve manufacturers in the world. This is an exciting step for us as we pursue our vision to be the market leader in valve supply to the oil and gas market, delivering an unsurpassable customer service across our product range.
“With support from our new owner, we will expand our global reach with new agents, distribution and support networks, and will continue to build the Robert Cort, John Mills and Advanced Valve Technology brands.
“Under new ownership, the company will invest in up-to-date onsite machining and testing facilities, which will further enhance our production capabilities, and extend our product portfolio.
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“Together with our loyal workforce here, we are proud to bring back this iconic brand to the East Riding of Yorkshire. We are looking forward to being an independent company and working with Evergreen as we develop the business and further strengthen the Shipham brand.”
Having welcomed the Duke of Kent to the Hawthorn Avenue base when it won a Queen’s Award for export in 2005, it followed the neighbouring railway 10 miles west almost three years ago, taking on a 60,000 sq ft manufacturing facility, where it employs a 65-strong team.
Lee Amram, partner at Evergreen Capital LP, an investment firm managing funds on behalf of the Wolfe family, said: “We are pleased to add Wärtsilä Valves and its staff to the Evergreen family of businesses.
“Upon closing, we renamed the business Shipham Valves Ltd. We are excited to provide the resources and support to strengthen Shipham Valves’ capabilities to better serve its existing and prospective customers and global markets.”
Shipham became part of the Wärtsilä group following the acquisition of the Hamworthy business by the Helsinki team in 2012.
Evergreen Capital was advised on the transaction by Richard Moran, Tony Berry and Caitlin Hare from the corporate team at Leeds-based law firm Clarion.