Local advisers deliver international deal for North East manufacturer
A Northumberland manufacturing business has been acquired by a global electrical and building infrastructure specialist, with the help of North East advisers Tait Walker Corporate Finance and law firm Sintons.
Reaffirming the region’s growing ability to attract international investment, French company Legrand recently acquired Blyth-based Tynetec, a designer and manufacturer of specialist telecare solutions. Tynetec, an established business of 30 years, provide equipment to hundreds of local authorities, housing associations, hospitals and care homes across the UK.
Tait Walker offered specialist input into the legal documents throughout the process, helping negotiate and increase the value of the deal, as well as managing the due diligence process through PWC Paris.
The acquisition marks the start of an exciting new chapter for Tynetec and follows a string of international deals by the award-winning accountancy practice over the past two years, working with buyers and investors throughout Europe and in countries such as the USA, Taiwan, Japan and Canada.
Leading the deal from the Tait Walker corporate finance team were Steve Plaskitt, Lucy Elliott and Barry Gill, with Alastair Wilson and Adrienne Paterson advising on the tax side. Anthony Evans, Partner in the Company and Commercial Department at Sintons, together with Helen Warren and Emma Pern, completed the deal.
Tait Walker’s Steve Plaskitt said: “Not only did we want this agreement to run as swiftly as possible; we wanted to ensure the best deal was secured moving forward with the acquisition.
“Through the work that we have done to date with overseas buyers, it’s becoming increasingly obvious that the UK, and even more importantly the North East, is now viewed as a highly economical producer of world class design and skills an extremely attractive offering for any potential investors looking to sell UK designed products on a large scale.
“Tynetec is a great example of a North East company delivering outstanding, innovative products that clearly sets the standards for others to follow and we’re delighted to have completed the deal on their behalf.”
Tynetec managing director, Tony Platten said: “This is an exciting and positive move for the company as we look to expand into European markets and bring forward plans to grow the business whilst building on our networks.
“Tait Walker provided us with valuable help from start to finish and, alongside Sintons’ legal expertise, allowed the management team here at Tynetec to continue with the running of the business with minimal disturbance.”
Anthony Evans at Sintons provided legal advice throughout the acquisition of Tynetec, a long-standing client of the law firm. He said: “We have worked with Tony and his team at Tynetec for a number of years and although they have a growing international presence with their unique and innovative products, we know how proud they are to be based in the North East, and particularly in Blyth.
“We are very pleased to be able to complete this acquisition by Legrand, a business which is ideally suited to its new purchase, and are confident that Tynetec will achieve even more impressive levels of success in the future.”
Present in more than 70 countries with a total workforce of over 35,000 and sales of €4.5billion, Legrand has developed a customer focused structure in the UK, servicing brands such as Bticino, Electrak and Zucchini. Tynetec have made substantial investments in product development in recent years and are committed to UK manufacturing with an emphasis on high quality products.
Tynetec is one of twenty two deals so far in 2013 for the Tait Walker Corporate Finance team, which has taken on two new recruits in the second half of the year.