Member Article

Sheffield energy industry supplier Roxspur acquired for £7.5 million

Sheffield’s Roxspur Measurement & Control Ltd. has been acquired by Surrey-based TT Electronics plc for £7.5 million.

Roxspur is a supplier of temperature, flow, pressure and level sensors, together with calibration services, for critical applications serving global customers in segments including oil and gas, power generation, water management and materials processing.

An initial consideration of £7.5 million was paid in cash with a further amount of up to £2.5 million payable in cash in 2016 based on the performance of the business in the period from completion to 31 December 2015.

Based on management accounts for the 12 months to 30 June 2014, Roxspur achieved sales of £8.2 million and an operating profit of £0.9 million.

Commenting on the acquisition Richard Tyson, TT electronics group chief executive, said today: “We have a clear strategy to achieve sustainable organic growth and further improve margins.

“We are actively looking for opportunities to accelerate this organic development with complementary acquisitions, including in industrial sensing and control.

“Roxspur brings us new customers and additional capabilities; integrated with our Sensing and Control operations, Roxspur will support further investment in our strategic objectives.

We look forward to working with all of the employees at Roxspur to develop the business and I would like to take this opportunity to welcome them to the Group“

This was posted in Bdaily's Members' News section by Clare Burnett .