Trumeter Technologies is set to double the size of its Florida-based operations with the acquisition of US firm Redington Counters in a deal backed by Energize Capital.
Round-up of today’s M&A deals
Trumeter Technologies is set to double the size of its Florida-based operations with the acquisition of US firm Redington Counters in a deal backed by Energize Capital.
The deal marks the second transaction involving Trumeter by Cheshire-based private equity firm Energize Capital. The purchase follows its acquisition of Trumeter, which provides measurement devices and automotive lighting systems, out of administration in February with a plan to develop new products and increase production capacity.
Trumeter chief executive John Smith comments: ‘Trumeter and Redington have great synergies in their product portfolios, manufacturing capabilities and sales channels.
‘The joining of two businesses with strong brand recognition will help strengthen both brands. Customers will benefit from a broader product offering from one supplier, an increased global presence and deeper resources for engineering and product development.’
Jeremy Carr, managing director Energize, adds: ‘We are delighted to have assisted Trumeter with this American acquisition, further strengthening and diversifying Trumeter’s global presence across Europe, Asia and the Americas.’
Trumeter has 24 staff at its Radcliffe base as well as a factory in Malaysia and has a turnover of £8 million, selling to customers in 50 countries.
US-based Redington is a £2.4 million turnover family business with 25 staff which manufactures electronic and mechanical counters
Andrew Page of Page and Co Solicitors advised Energize on the deal.
Round-up of today’s M&A deals
- Electro Rent Corp is to buy electronic test equipment provider Equipment Management Technology
Value: £6.8 million
Advisers: undisclosed
- GMR Energy has agreed acquire a 30 per cent stake in Indonesia’s PT Golden Energy Mines Tbk or GEMS
Value: £307.26 million
Advisers: undisclosed
- Manchester-based technology business, App55, has signed a deal with payment processing company WorldPay which will allow it to offer a “quick pay” service via mobile apps
Value: undisclosed
Advisers: undisclosed
- AIM-listed company Nanoco in significant joint venture with unnamed lighting firm
Value: undisclosed
Advisers: undisclosed
- Funds managed by private equity group Energy Capital Partners are set to buy clean tech business CoaLogix from technology holding group Acorn Energy
Value: £62.1 MIllion
Advisers: undisclosed
