Clearwater leads deal duo
The Birmingham office of Clearwater Corporate Finance has led two manufacturing acquisitions. It advised the shareholders of Spain-based Alter Technology Group (ATG) on the disposal of three of its trading subsidiaries as well as Farsound Engineering, based in Essex, on its sale to RG Industries.
In its ninth cross-border deal in 12 months, the Clearwater team advised ATG on the disposal of three of its subsidiary businesses to TUV Nord International GmBH, based in Germany.
The ATG subsidiaries, which have a combined turnover of about €60m, specialise in testing high reliability electronic components for space, aerospace, defence and other industrial applications.
The subsidiaries are located in Spain, France and Italy.
Clearwater has been a long-term adviser to the business since being appointed in 2007.
Jon Hustler, partner at Clearwater in Birmignham, said: "Increased demand for global telecommunications, GPS and satellite navigation has boosted commercial use of satellite technology. The acquisition of Alter Tech's trading subsidiaries, which are some of the biggest players in the space technology market, will provide TUV’s global network with access to this visible and high reliability sector."
Clearwater also advised Farsound Engineering on its sale to RG Industries (RGI), a new partnership between Rubicon Partners and Grovepoint Capital.
Farsound manufacturers and supplies precision components for the aerospace and defence industries.
Industrial investors Rubicon and Grovepoint formed RGI to build a global portfolio of industrial businesses, focussing on those operating in the manufacturing and distribution sectors.
Farsound is the first acquisition for the portfolio.
Jon Hustler, head of industrials at Clearwater's Birmingham office, said: "The prospects for the aerospace sector are very positive and the acquisition of Farsound confirms that there is growing interest from strategic investors in the industry.
"Farsound is a high-quality, well-invested and well-managed business. I am confident that it will go from strength to strength under its new ownership."
