Member Article

Tynetec acquired by French infrastructure company

Blyth-based manufacturers of specialist telecare solutions Tynetec have been acquired by French firm Legrand.

Legrand are global specialists in lighting and digital building infrastructure and employ over 35,000 people.

Tynetec, who supply to hundreds of local authorities, housing associations, hospitals and care homes, were advised by Newcastle accountants Tait Walker, and follows a string of international deals for the practice.

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.”

This was posted in Bdaily's Members' News section by Tom Keighley .