Northbridge to raise cash for Oz deal
Northbridge Industrial Services, the Burton-on-Trent industrial services and rental company, is looking to raise £7m in order to help it buy an Australian company which specialises in the rental of equipment for the onshore and off-shore oil industry. Northbridge this morning said it was issuing a share offer to raise part of the £9.7m it needs to buy Tasman, which is based in Perth. The rest of the money will come from new banking facilities and its own cash resources, said Northbridge. Eric Hook, chief executive, said of the proposed acquisition: "It is in line with our stated strategy of acquiring earnings enhancing specialist businesses in niche sectors which are capable of further organic growth. It will also significantly increase the size of Northbridge and give us greater critical mass and broadens our presence in the Asia Pacific region.”
