Birmingham based corporate finance advisers Orbis Partners has advised on the sale of TMAT Limited to the North American group Blachford Incorporated. Simon Gill at Gateleys in Birmingham provided legal advice to the TMAT shareholders.
TMAT, based in Chesterfield, Derbyshire, designs, engineers and manufactures acoustic components for industrial and agricultural vehicles. It supplies major original equipment manufacturers directly to plants in the UK, Europe and South America.
Blachford - a world-class, global manufacturer specialised in the ACE (agricultural, construction, earthmoving) market segment - shares the TMAT ambition for the business and its strategy.
TMAT will continue to manufacture its products and solutions at its Chesterfield HQ and will now form an important part of a group with exceptional global reach and manufacturing heritage. The UK business will also benefit from the unique, unrivalled R&D laboratory resources that Blachford has at its disposal, which set it apart from all competitors.
Orbis invested in TMAT alongside management through its investment vehicle Intrinsic Equity when the business was bought out of administration in 2009. Since then Orbis has worked with management and restructuring specialist, Advent Partners, through the restructuring and rebuilding of the business up to its current turnover of approximately £10m.
Jason Lippitt, whom will remain as MD of TMAT, said: “We are delighted to have been bought by a world-class, global investor that shares our strategy and ambition.
“Our business plans are so closely aligned that they could quite easily have been written by one another. Both businesses are absolutely committed to R&D and to making the best solutions for industrial and agricultural vehicles across the world, steering clear of the automotive sector.
“With Blachford behind us, TMAT will be considerably better-placed to extend its global reach and take advantage of exciting new opportunities to supply global OEMs that previously would not have been possible. We look forward to becoming a major player on the world stage.”
Chris Gregory, Partner at Orbis who led the transaction commented: “Having worked with TMAT for the last 5 years we believed that finding a global strategic buyer was essential to enable TMAT to further develop.”
“We worked alongside our worldwide Partners in Clairfield International and our office in New York identified Blachford as an ideal partner. From the initial conversation and meetings it became clear of the strong product and market-fit between the two organisations. The investment into TMAT means that Blachford - which has considerable North American and global presence - will now have presence in Europe.
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