The move, which has been backed by private equity firm 3i, will see the business renamed Radius Systems. It will continue to supply plastic pipe systems for the underground gas, water and telecoms markets.
The deal includes four manufacturing plants at Hilcote, Derbyshire, Banbridge in Northern Ireland, Newton Aycliffe, County Durham and Cork in the Republic of Ireland. All 470 employees will transfer across to the renamed business.
Radius Systems chief executive Stuart Godfrey said: “We now have a strong, UK-headquartered business, able to concentrate all its resources on serving the needs of our many customers in the utilities markets.”