A Northumberland manufacturing business has been acquired by a global electrical and building infrastructure specialist.
Cementing the region’s growing reputation for attracting international investment, French company Legrand has taken over the Blyth-based Tynetec, a designer and manufacturer of specialist telecare solutions.
Established 30 years ago, Tynetec provides equipment to hundreds of local authorities, housing associations, hospitals and care homes across the UK. In recent years, it has made substantial investments in product development and has pledged to continue its commitment to UK manufacturing,
Legrand, meanwhile, has a presence in more than 70 countries, employs over 35,000 people and has reported sales of £4.5bn.
The group has developed a customer-focused structure in the UK, servicing brands such as Bticino, Electrak and Zucchini.
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 while building on our networks.”
The acquisition was supported by North East advisers law firm Sintons and Tait Walker Corporate Finance.
Tait Walker offered specialist input into the legal documents throughout the process, helping negotiate and increase the value of the deal, aswell as managing the due diligence process through PWC Paris.
Leading the team were Steve Plaskitt, Lucy Elliott and Barry Gill, with Alastair Wilson and Adrienne Paterson advising on the tax side.
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 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.”
Working for Sintons were Anthony Evans, a partner in the company and commercial department, together with Helen Warren and Emma Pern.
Evans, who provided legal advice throughout, 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.”
Established in 1937, Tait Walker is the largest independent accountancy practice in the region, employing 130 staff across three offices in Newcastle, Tees Valley and Morpeth.
It completed 22 deals in 2013, and, during the last two years has been involved in extensive international work.
Platten added: “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.”