Nick Sole, the founder and main shareholder of UK pump manufacturer Apex Pumps, has sold the business and assets of Apex Fluid Engineering Ltd and Precision Alloys Ltd in a management buyout deal.
Bristol-based Apex Pumps designs and manufactures centrifugal pumping solutions for water, industrial, energy, brewery, aquaculture, chemical process, oil and gas and many other applications.
The company, which employs 24 people, will continue to be led by the existing senior management team headed by managing director Andrew Simpson and sales director Sam Kemp.
The entire Apex Pumps workforce has been retained and the business will continue to operate from the existing Bristol premises.
“When I started Apex Pumps 33 years ago, I had modest ambitions for a 5-year project and didn’t foresee how we’d go on to build an international customer base and such a strong reputation in the industry,” said Sole. “Our growth over recent years is in no small part due to the leadership and vision of Andrew and Sam as I have gradually stepped back from my day to day role.”
Sole will remain engaged in the business as an external consultant in an advisory capacity.