Morley firm seals rival acquisition
मंगलवार, 3 नवम्बर 2009
The acquisition of a competitor has seen West Yorkshire-based steel firm KTS Wire boost its business investment.
The Morley company has bought John Pring and Son, a baling and steel wire producer based in Cheshire, from administrators using a cash injection of £3.1m.
The funding for the deal was found from Frontline Investment Opportunities, a turnaround and private equity house based in Leeds, with asset-based lender Davenham providing funding for working capital.
Managing director of KTS, Steve Longbottom, told the Businessdesk that KTS served "a demanding and specialist market".
He added: "The business has an immense amount of skill and expertise, built over a number of years. With the addition of the Pring business this adds further exciting opportunities for the joint business which we are expecting to develop."
Founding partner of Frontline, Melanie Hird, said they would be working with the "sound" management at KTS to provide "an exciting business plan over the coming years."
Copyright © Press Association 2009