BHSL wastes no time with Hydro acquisition
BHSL said the takeover marks its first step in efforts to expand its range of fluidised bed combustion (FBC) technologies and serve civic and industrial sectors by extracting value from waste products.
All 25 staff at UK-based Hydro International will be merged with BHSL. Hydro’s managing director PJ Finn will head up a new BHSL-Hydro division.
Hydro’s existing clients include meat processors ABP and Kerry Group, as well as Coca-Cola. The company specialises in implementing wastewater purification and effluent treatment systems for abattoirs, dairy producers and food factories.
“Hydro International is an excellent fit for BHSL and the acquisition supports our strategy to expand into a broader environmental solutions business, focused on extracting value from waste products,” said BHSL managing director Declan O’Connor.
“Hydro provides a strong platform for targeting the industrial and municipal waste sectors given their impressive existing customer base. Our very well supported fund raising process provides us with the financial resources to underpin our growth strategy, including through further acquisitions.”
PJ Finn, founder and managing director of Hydro International, added: “The combination with BHSL provides an excellent platform for us to take the business to the next level of growth.
“Hydro International has a track record of delivering and commissioning over 500 plants in our 21 years of business and we share BHSL’s commitment to technological innovation and exceptional customer service.”
BHSL’s takeover comes after the firm recently raised €7m ($7.9m) in capital. It comes after €5m ($5.6m) in funds was raised September 2016, meaning BHSL has boosted equity by €12m ($13.6m).