Bradford-based Switchgear & Instrumentation Ltd (S&I) has been acquired by Texas-based Powell Industries Inc, in a deal with former parent company, Yorkshire's NG Bailey Organisation structured by McInnes Corporate Finance.

With a real synergy in the products and services of both companies, the move is seen as taking the already successful S&I to the next level, with Powell gaining improved market share and opportunities, especially in Europe and the Middle East. The new parent company has pledged continued support and investment for the Bradford site.

For over 40 years, market-leading S&I has pioneered innovative product and electrical and advanced system design for offshore and other industries, including pharmaceutical, mining, utilities and building services. Annual turnover tops £30m and the company employs over 300 at its Bradford facility which includes NG Bailey Manufacturing.

Houston-based Powell Industries is a NASDAQ quoted company with annual sales of $225m specialising in electrical equipment for heavy specification users within process industries. Thomas Powell, son of the founder, is chairman and chief executive officer of the company.

The acquisition sees Steve Ward (49) take over as managing director of S&I, having joined the firm as operations director a year ago. He succeeds Chris Wootten, who remains with N G Bailey Organisation.

Commenting on the acquisition, Steve said: “This is a very good strategic fit, with both companies operating in similar markets and with complementary product ranges and services. Combining our efforts will strengthen our future market drive, particularly as our new parent company has an impressive track record in both research and development and capital investment.”

Thomas Powell added: “We are now positioned with S&I, to support major multi-national heavy specification users’ projects around the world and to develop much broader relationships with them.”

Referring to NGB Manufacturing, Powell vice president Don Madison said: “We can assure staff, customers and suppliers that Powell will provide continued financial stability and development of the manufacturing business with support and investment in the Bradford site.”

NG Bailey Organisation chief executive Mark Andrew concluded: “This is a winning outcome for all parties and delivers great prospects for S&I moving forward.”

Powell Industries was represented by the international mergers and acquisition firm Hayes Novus. Partner Mike Whaley commented: “This acquisition delivers enhanced market leverage for the combined company, which can only result in stronger future performance."

Regulated by the Institute of Chartered Accountants in England and Wales for a range of investment and business activities