A WORCESTER-based investment company has bought a leading British distributor of pipe work systems for the water industry.

Macerata - a privately funded investment company operating out of Worcester - has paid an undisclosed seven figure sum for Floline of Northampton.

Floline is one of Britain's best known distributors of plastic pipe systems and in the year to June 30, 2001, turned over more than £12m.

Floline general manager, Glenn Cartledge, said the acquisition had been made because it would provide the basis for future growth.

"Macerata is a privately funded company which was set up earlier this year precisely to make acquisitions of this sort," said Mr Cartledge.

"Floline has a superb management team, which is receiving full backing in its business plan."

Macerata Group was launched in July with the aim of becoming a major European player in water distribution.

Its management team was advised on the transaction by Andrew Stilton and Florence Wilson, of Martineau Johnson.