Hytek (GB) Ltd increases shareholding in Dutch business Petroy BV
Flowmax announces the acquisition of further shares in Petroy BV by the Flowmax Group Company Hytek (GB) Ltd. Petroy based in the Netherlands, supplies products for the petroleum equipment and automotive service industries including key brands such as CimTek filters, Stokair Gripper tyre inflators and Maximus equipment.
Anthony Verhulst founded Petroy building the business from the ground up. He says:
“I built Petroy as an International Trading company specialised in engineering and marketing of innovative technical products. The combination of innovation coupled with international marketing is both challenging and exciting. After over 25 years of accomplishments for Petroy, I was looking for a ‘guardian’ to keep the legacy running and we found Hytek the ideal safe harbour to assure continuity for the long term.”
The stakeholders are enthusiastic about the synergies offered by Petroy which has become a proud member of the Hytek Group of companies. The purchase of shares facilitated the retirement aims of entrepreneur Anthony Verhulst enabling him to reduce his shareholding in steps as part of a longer-term succession plan. In negotiating the original agreement with Hytek, Anthony was clear in that up to his retirement he would continue to contribute to and share in the profits generated by his business with a clear exit path laid out over a prolonged period.
Petroy will continue to operate as an independent company within the Hytek Group and will also offer Hytek a sales and warehousing base outside of the UK.
More information about the company can be found here: https://www.petroy.com/
