Flowtech has announced the acquisition of Helipebs Controls, a UK manufacturer of hydraulic cylinders and systems serving safety-critical end markets including aerospace, defence, energy, and nuclear. At £0.4m consideration (expected to be recouped from customer receipts before year end) the deal is characteristic of management's disciplined approach to M&A: acquiring quality assets for a modest outlay and creating value through integration and scale. Our forecasts are adjusted for today's deal, showing a c.3% annualised revenue impact and c.4% for EBITDA. BUY and 90p TP maintained we think the new management team is successfully reshaping Flowtech into a leaner and more scalable business with today's acquisition providing continued evidence of a disciplined capital allocation strategy that is quietly but meaningfully building value. Post upgrades, shares trade on a FY26 PER of 13.2x dropping to 9.6x FY27e.