Northbridge swoops for Singapore business
Industrial services company Northbridge has grown its Asia-Pacific operations with the £2m acquisition of a Singapore-based company.
Burton-upon-Trent-based Northbridge bought the assets of Loadcell Services and Loadcell Services BVI, an oilfield instrumentation supplier, on behalf of Northbridge Loadcell Services Pte, a wholly-owned subsidiary which was incorporated for the purposes of the acquisition.
The company was formed in 1982 in Singapore by the current owner and an operation in Vietnam was established in 1992.
It now supplies customers in the oil and gas sector with a range of equipment and services throughout South East Asia.
Key staff have agreed new employment contracts and arrangements have been made to ensure an orderly transfer of the business and assets, said Northbridge.
Consideration for the tangible assets of the business will be in cash and comprises payments totalling £1m which will be payable in three tranches: 25 per cent on completion, 25 per cent after six months and the final 50 per cent after 12 months. each of which will be met out of the group's current cash resources.
Northbridge Loadcell Services will share the group's existing premises in Singapore and a new senior manager has been appointed who will also assist with the existing Northbridge Asia Pacific business.
Eric Hook, chief executive of Northbridge, said: "We are very pleased to have completed this acquisition, which demonstrates the ongoing commitment to our business strategy. Loadcell is an excellent fit with Northbridge's existing business, particularly in the Asia-Pacific region, building on the previous acquisition of Tasman in Australia
"We are continuing to look at a number of potential acquisitions and are committed to finding those which are best suited to our strategy for long term growth and will also ensure the best possible returns for our shareholders."
