28th Aug 2015 06:19
LONDON (Alliance News) - Rotork PLC on Friday said it has agreed a GBP125.0 million deal to acquire Manchester-based pneumatic and hydraulic instrument valves and components company Bifold Group.
The FTSE 250 actuators and flow control products manufacturer said Bifold has leading positions in a number of niche sectors, including subsea and wellhead control systems. It will be integrated into Rotork's instruments division following the acquisition.
The deal is in line with Rotork's strategy of boosting its presence in the flow control market.
Rotork will pay GBP115.0 million in cash upon closure of the agreement, with a further GBP10.0 deferred. It said it will finance the acquisition with new committed debt facilities.
For the year to the end of August 2014, Bifold generated earnings before interest, taxation, depreciation and amortisation of GBP10.2 million, on revenue of GBP41.0 million. It is being purchased on a cash-free, debt-free basis.
"Bifold is a highly complementary business to Rotork with a well-regarded management team that provides Rotork with an enlarged platform to further offer its products and services to the oil and gas sector and wider industrial markets," said Rotork Chief Executive Peter France.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
Rotork