Phoenix said it had bought GTE as a platform purchase to develop a group providing highly engineered critical flow control products, primarily for the oil and gas markets.
Partner John Rastrick said, “The UK has huge strength in the engineering sector and it is one we like.
“(CEO) Phil Clifton brings great experience and ambition to GTE and we see substantial further growth potential for the business both organically and through acquisition.”
Phoenix announced last November it would be selling Scottish oil and gas logistics company Asco Group to Doughty Hanson for a reported £250m.
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