Orbis Assists TT Electronics With Roxspur Acquisition
Birmingham-based Corporate Finance boutique Orbis Partners has assisted TT Electronics in its acquisition of Roxspur, a Sheffield based company with annual sales of c.£8m.
The acquisition of Roxspur, which will form part of the Sensing and Control division, accelerates TT’s strategy to develop its position in attractive industrial markets, including process control and will complement the Group’s existing technologies and products, providing a platform for future growth.
Initial consideration of £7.5m was paid in cash with a further amount of up to £2.5m payable based upon performance in the period to 31 December 2015.
We engaged Orbis to assist us with the research and origination of targets in the UK and abroad. They understood our acquisition criteria and identified a number of targets. Orbis conducted the process in a discrete, confidential manner and we are pleased with the successful acquisition. We continue to work with Orbis on additional projects moving forward.
Tim Roberts, Director
We have been working with the internal M&A team within TT to identify strategic targets both in the UK and overseas. We identified Roxspur as an excellent fit, initiated the approach and provided advice and support as the transaction progressed. This approach ensured that TT successfully acquired the Company off market.
